5:56 nces Exercise 3-12 (Algo) Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2024. 1. On December 1, 2024, Wolverine received $3,300 cash from a company that rents office space from Wolverine. The payment. representing rent for December and January, was credited to Deferred Revenue on December 1. 2. Wolverine purchased a one-year property insurance policy on July 1, 2024, for $12.360. The payment was debited to Prepaid Insurance for the entire amount on July 1. 3. Employee salaries of $2,300 for the month of December will be paid in early January 2025. 4. On November 1, 2024, the company borrowed $11,500 from a bank. The loan requires principal and interest at 12% to be paid on October 30, 2025. 5. Office supplies at the beginning of 2024 totaled $930. On August 15, Wolverine purchased an additional $2.700 of office supplies. debiting the Supplies account. By the end of the year, $430 of office supplies remains. Required: Record the necessary adjusting entries at December 31, 2024, for Wolverine Company. You do not need to record transactions made during the year. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) entry is required for a particular transaction/event, select "No Journal Entry Required" in the ntermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 On December 1, 2024, Wolverine received $3,300 cash from a company that rents office space from Wolverine. The payment, representing rent for December and January, was credited to Deferred Revenue on December 1. Record the adjusting entry for deferred revenue at its year-end of December Note: Enter debts before credits D Dale December 31 441 General Journal Debit Credit Clear entry View general journal 400-> Prev 102 Next 83 # 4 25 B 4 C 6 7 8 9 0 W E R T Y U S D F G H X C V B N M uning the year. Assume that no inancial statements were prepared during the year and no aca ntry is required for a particular transaction/event, select "No Journal Entry Required" in the ntermediate calculations.) View transaction list Journal entry worksheet 3 4 Wolverine purchased a one-year property insurance policy on July 1, 2024, for $12,360. The payment was debited to Prepaid Insurance for the entire amount on July 1. Record the adjusting entry for insurance at its year-end of December 31. Enter debts before credits Date December 31 Record entry General Journal Debit Credi Claar entry View general journal 93 W X 94 Pay Jon # Next >> R % $5 T 16 6 Y 288 7 EL D X S L 9 C V 8 4 T 96 Y 27 7 9 H View general journal Next > 4 V 00 8 9 0 V B N M ng the year. Assume that no ninancial statements were prepared during the year and no adjusor y is required for a particular transaction/event, select "No Journal Entry Required" in the firsm rmediate calculations.) View transaction list Journal entry worksheet COP 9 ww & 6 7 B 9 0 > U T 9 V B H N M ntry is required for a particular transaction/event, select "No Journal Entry Required" in ntermediate calculations.) View transaction list Journal entry worksheet