Below are transactions for Wolverine Company during $2021.$

On December $1,2021,$ Wolverine receives $$4,000$ cash from a company that is renting office space from Wolverine. The payment,

representing rent for December and January, is credited to Deferred Revenue.

Wolverine purchases a one$-$year property insurance policy on July $1,2021,$ for $$13,200.$ The payment is debited to Prepaid Insurance

for the entire amount.

Employee salaries of $$3,000$ for the month of December will be paid in early January $2022.$

On November $1,2021,$ the company borrows $$15,000$ from a bank. The loan requires principal and interest at $10\%$ to be paid on

October $30,2022.$

Office supplies at the beginning of $2021$ total $$1,000.$ On August $15,$ Wolverine purchases an additional $$3,400$ of office supplies,

debiting the Supplies account. By the end of the year, $$500$ of office supplies remains.