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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

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.

Required:

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.

Apr 26 2020 View more View Less

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