The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash...

 

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The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Debit $9,100 Credit Accounts Receivable 14,100 Prepaid Rent 6,120 Supplies 3,100 Deferred Revenue $2,100 Common Stock 11,000 Retained Earnings 5,100 Service Revenue 44,720 Salaries Expense 30,500 $62,920 $62,920 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,120, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $2,100, represents payment in advance from a customer. By the end of the year, $525 of the services have been provided. 3. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2025. 4. The balance of Supplies, $3,100, represents the amount of office supplies on hand at the beginning of the year of $1,250 plus an additional $1,850 purchased throughout 2024. By the end of 2024, only $710 of supplies remains. Required: 1. Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2024. 2. Prepare an adjusted trial balance as of December 31, 2024. The December 31, 2024, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Debit $9,100 Credit Accounts Receivable 14,100 Prepaid Rent 6,120 Supplies 3,100 Deferred Revenue $2,100 Common Stock 11,000 Retained Earnings 5,100 Service Revenue 44,720 Salaries Expense 30,500 $62,920 $62,920 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $6,120, represents payment on October 31, 2024, for rent from November 1, 2024, to April 30, 2025. 2. The balance of Deferred Revenue, $2,100, represents payment in advance from a customer. By the end of the year, $525 of the services have been provided. 3. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2025. 4. The balance of Supplies, $3,100, represents the amount of office supplies on hand at the beginning of the year of $1,250 plus an additional $1,850 purchased throughout 2024. By the end of 2024, only $710 of supplies remains. Required: 1. Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2024. 2. Prepare an adjusted trial balance as of December 31, 2024.