(The following information applies to the questions displayed below]
The December 31, 2015, unadjusted trial balance for Demon Deacons Corporation is presented below
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Accounts
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Debit
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Credit
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Cash
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$ 8.300
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Accounts Receivable
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13.300
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Prepaid Rent
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5.160
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Supplies
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2.300
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Unearned Revenue
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$ 1.300
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Common Stock
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12,000
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Retained Earnings
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4.300
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Service Revenue
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37.960
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Salaries Expense
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26.500
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$55.560
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$55.56
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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.
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DEMON DEACONS CORPORATION |
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Adjusted Trial Balance
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December 31, 2015
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Accounts Debit Credit
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Cash
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Accounts Receivable
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Prepaid Rent
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Supplies
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Unearned Revenue
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Salaries Payable
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Common Stock
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Retained Earnings
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Service Revenue
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Salaries Expense
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Rent Expense
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Supplies Expense
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Totals
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