The December 3 1 , 2 0 2 4 , unadjusted account balances for Demon Deacons Corporation
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Question:
The December unadjusted account balances for Demon Deacons Corporation are presented below.
Accounts Balance
Cash $
Accounts Receivable
Prepaid Rent
Supplies
Deferred Revenue
Common Stock
Retained Earnings
Service Revenue
Salaries Expense
At yearend, the following additional items are available:
The balance of Prepaid Rent, $ represents payment on October for rent from November to April
The balance of Deferred Revenue, $ represents payment in advance from a customer. By the end of the year, $ of the services have been provided.
An additional $ in salaries is owed to employees at the end of the year but will not be paid until January
The balance of Supplies, $ consists of $ of office supplies on hand at the beginning of the year plus an additional $ purchased throughout By the end of only $ of supplies remains.
Required:
For each item, determine the accounts to be adjusted on December the amount of the adjustment, and the ending balance. Assume no adjustments were previously made during the year.
Determine ending account balances of all accounts as of December
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