The December 31, 2012, unadjusted trial balance for Demon Deacons Corporation is presented below.
At year-end, the following additional information is available:
a. The balance of Prepaid Rent, $6,000, represents payment on October 31, 2012, for rent from November 1, 2012, to April 30, 2013.
b. The balance of Unearned Revenue, $2,000, represents payment in advance from a customer. By the end of the year, $500 of the services have been provided.
c. An additional $600 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2013.
d. The balance of Supplies, $3,000, represents the amount of office supplies on hand at the beginning of the year of $1,200 plus an additional $1,800 purchased throughout 2012. By the end of 2012, only $700 of supplies remains.
1. Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2012.
2. Prepare an adjusted trial balance as of December 31, 2012.
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