Below are transactions for Wolverine Company during 2024. 1. On December 1, 2024, Wolverine received $2,000 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 $10,800. The payment was debited to Prepaid Insurance for the entire amount on July 1. 3. Employee salaries of $1,000 for the month of December will be paid in early January 2025. 4. On November 1, 2024, the company borrowed $5,000 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 $800. On August 15, Wolverine purchased an additional $1,400 of office supplies, debiting the Supplies account. By the end of the year, $300 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.) View transaction list Journal entry worksheet 2 3 4 On December 1, 2024, Wolverine received $2,000 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 debits before credits. nabit Condit Wolverine purchased a one-year property insurance policy on July 1, 2024, for $10,800. 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. Note: Enter debits before credits. Date December 31 + General Journal Record entry Clear entry 185 72 2 800 F3 $ 64 #3 L DDD F4 Debit Credit View general journal < Prev 7 of 7 Next D MacBook Pro 96 25 % T 56 G F7 & 7 Y Employee salaries of $1,000 for the month of December will be paid in early January 2025. Record the adjusting entry for salaries at its year-end of December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry 3 #3 800 F3 DOD OOD F4 $ 54 4 View general journal < Prev 7 of 7 Next % 85 F5 MacBook Pro 6 & 7 17 Journal entry worksheet < 1 2 3 5 On November 1, 2024, the company borrowed $5,000 from a bank. The loan requires principal and interest at 12% to be paid on October 30, 2025. Record the adjusting entry for interest at its year-end of December 31. Note: Enter debits before credits. Date December 31 General Journal Record entry Clear entry 2 #3 80 F3 4 54 DOD 000 F4 Debit Credit View general journal < Prev 7 of 7 Ne F5 MacBook Pro % 85 6 & 7 Journal entry worksheet < 1 2 3 4 Office supplies at the beginning of 2024 totaled $800. On August 15, Wolverine purchased an additional $1,400 of office supplies, debiting the Supplies account. By the end of the year, $300 of office supplies remains. Record the adjusting entry for office supplies at its year-end of December 31. Note: Enter debits before credits. Date December 31 General Journal Record entry Clear entry W 82 80 13 GOD 000 14 #3 E $ 54 4 % 85 Debit Credit View general journal < Prev 7 of 7 Next 75 MacBook Pro R T 6 & 7 G 97