Solution-Update account balances for the year end

Update account balances for the year end information by

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Reference no: EM131006545

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The December 31, 2015, unadjusted trial balance for Demon Deacons Corporation is presented below

Accounts	Debit	Credit
Cash	$ 8.300
Accounts Receivable	13.300
Prepaid Rent	5.160
Supplies	2.300
Unearned Revenue		$ 1.300
Common Stock		12,000
Retained Earnings		4.300
Service Revenue		37.960
Salaries Expense	26.500
	$55.560	$55.56

At year-end, the following additional information is available:

a.   The balance of Prepaid Rent. $5,160, represents payment on October 31. 2015. for rent from November 1. 2015. to April 30. 2016.

b.   The balance of Unearned Revenue. $1,300, represents payment in advance from a customer. By the end of the year. $325 of the services have been provided.

c.   An additional $500 in salaries is owed to employees at the end of the year but will not be paid until January 4. 2016.

d.   The balance of Supplies. $2,300, represents the amount of office supplies on hand at the beginning of the year of $850 plus an additional $1,450 purchased throughout 2015. By the end of 2015. only $630 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 2015. (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. 2015.

DEMON DEACONS CORPORATION
Adjusted Trial Balance
December 31, 2015
Accounts Debit Credit
Cash
Accounts Receivable
Prepaid Rent
Supplies
Unearned Revenue
Salaries Payable
Common Stock
Retained Earnings
Service Revenue
Salaries Expense
Rent Expense
Supplies Expense
Totals

Reference no: EM131006545

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Update account balances for the year end information by

Reference no: EM131006545

Reference no: EM131006545

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