Below are transactions for a company during Year 1. 1. On December 1, Year 1, the company receives $2,000 cash from the company that is renting office space from the company. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. The company purchases a one-year property insurance policy on July 1 Year 1, for $10,800. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $1,000 for the month of December will be paid in early January Year 2 4. On November 1 Year 1, the company borrows $5,000 from a bank. The loan requires principal and interest at 12% to be paid on October 30, Year 2 5. Office supplies at the beginning of Year 1 total $800. On August 15, the company purchases an additional $1400 of office supplies. debiting the Supplies account. By the end of the year. $300 of office supplies remains. References Required: Record the necessary adjusting entries at December 31, Year 1, for the 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 transaction/event, select "No Journal Entry Required in the first account field. Do not round Intermediate calculations.) View transaction list View journal entry worksheet No Date General Journal Credit Debit 1.000 December 31 Defeed Revenge Service Revende 2 December 31 4 500 hourance Expenso Prepaid insurance