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Answer 1-5 please! 1. On December 1,2024 , Wolverine received $2,300 cash from a company renting office space from Wolverine. The payment, representing rent for
Answer 1-5 please!
1. On December 1,2024 , Wolverine received $2,300 cash from a company renting office space from Wolverine. The payment, representing rent for December and January, was recorded to Deferred Revenue on December 1. 2. Wolverine purchases a one-year property insurance policy on July 1,2024 , for $11,160. The payment was recorded in Prepaid Insurance for the entire amount on July 1. 3. Employee salaries of $1,300 for the month of December will be paid in early January 2025 . 4. On November 1,2024 , the company borrowed $6,500 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 $830. On August 15, Wolverine purchased an additional $1,700 of office supplies, recorded to the Supplies account. By the end the year, \$330 of office supplies remains. Required: Record the necessary adjusting entries on December 31, 2024, for Wolverine Properties. You do not need to record transactions made during the year. Assume no financial statements were prepared during the year, and no adjustments were previously recorded. Note: 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. Journal entry worksheet 5 renting office space from Wolverine. The payment, representing rent for December and January, was recorded to Deferred Revenue on December 1. Record the adjusting entry for deferred revenue at its year-end of December 31. Note: Enter debits before creditsStep by Step Solution
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