Below are transactions for Wolverine Company during 2024.

1. On December 1, 2024, Wolverine received $2,400 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 $11,280. The payment was debited to Prepaid Insurance for the entire amount on July 1.

3. Employee salaries of $1,400 for the month of December will be paid in early January 2025.

4. On November 1, 2024, the company borrowed $7,000 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 $840. On August 15, Wolverine purchased an additional $1,800 of office supplies, debiting the Supplies account. By the end of the year, $340 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.) Create a journal entry of these transactions.

Next,

Laker Incorporateds fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31.

Accounts	Debit	Credit
Cash	$10,100
Supplies	29,500
Prepaid Rent	20,500
Accounts Payable		$1,100
Notes Payable		11,000
Common Stock		30,500
Retained Earnings		7,100
Dividends	2,100
Service Revenue		55,900
Salaries Expense	18,100
Advertising Expense	11,100
Rent Expense	8,100
Utilities Expense	6,100
Totals	$105,600	$105,600

Required:

1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings. 3. Prepare a post-closing trial balance