The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is

Question

The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below.

Given Information:

- At year-end, the following additional information is available:
  
a. The balance of Prepaid Rent, $6,840, represents payment on October 31, 2018, for rent from November 1, 2018, to April 30, 2019.
b. The balance of Deferred Revenue, $2,700, represents payment in advance from a customer. By the end of the year, $675 of the services have been provided.
c. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2019.
d. The balance of Supplies, $3,700, represents the amount of office supplies on hand at the beginning of the year of $1,550 plus an additional $2,150 purchased throughout 2018. By the end of 2018, only $770 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 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  2. Prepare an adjusted trial balance as of December 31, 2018.

Please, help me with this question.

Thank you

The following information applies to the questions displayed below) The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below. Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense DebitCredit $ 9,700 14,700 6,840 3,700 s 2.700 11,000 5,700 49,040 33,500 $68,440 $68.440

Explanation / Answer

Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. Rent Expense ($6,840 X 2/6)    2,280.00    Prepaid Rent    2,280.00 b. Deferred Revenue       675.00    Service Revenue       675.00 c. Salaries Expense       700.00    Salaries Payable       700.00 d. Supplies Expense ($3,700 - $770)    2,930.00    Supplies    2,930.00 Answer 2. DEMON DEACONS CORPORATION Adjusted Trial Balance As on Dec 31. 2018 Dr. Amt. Cr. Amt. Cash      9,700.00 Accounts Receivable    14,700.00 Prepaid Rent      4,560.00 Supplies          770.00 Salaries Payable          700.00 Deferred Revenue      2,025.00 Common Stock    11,000.00 Retained Earnings      5,700.00 Service Revenue    49,715.00 Salaries Expense    34,200.00 Rent Expense      2,280.00 Supplies Expense      2,930.00 Total    69,140.00    69,140.00

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