Question

Check my work (The following information applies to the questions displayed below.) The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. Credit Debit $ 8,100 13,100 4,920 2,100 Accounts Cash Accounts Receivable Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 1,100 11,000 4,100 37,520 25,500 $53, 720 $53, 720 At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $4,920, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $1,100, represents payment in advance from a customer. By the end of the year, $275 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, 2022. 4. The balance of Supplies, $2,100, represents the amount of office supplies on hand at the beginning of the year of $750 plus an additional $1,350 purchased throughout 2021. By the end of 2021, only $610 of supplies remains.

Answer 1

Solution:

Demon Deacons Corporation
Adjusted Trial Balance
31-Dec-21
Particulars	Debit	Credit
Cash	$8,100.00
Account receivables	$13,100.00
Prepaid rent ($4,920 - $1,640)	$3,280.00
Supplies	$610.00
Deferred revenue ($1,100 - $275)		$825.00
Salaries payable		$700.00
Common stock		$11,000.00
Retained earnings		$4,100.00
Service revenue ($37,520 + $275)		$37,795.00
Salaries expense ($25,500 + $700)	$26,200.00
Rent expense	$1,640.00
Supplies expense ($2,100 - $610)	$1,490.00
Totals	$54,420.00	$54,420.00