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Consider the following items for Wolverine Propertles during 2024 1. On December 1, 2024. Wolverine received $3,100 cash from a company renting office space from
Consider the following items for Wolverine Propertles during 2024 1. On December 1, 2024. Wolverine received $3,100 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 . Revenue for other rentals totaled $126.000 2. Wolverine purchases a one-year property insurance policy on July 1,2024 , for $12.120, The payment was recorded in Prepsid Insurance for the entire amount on July 1 . Wolverine had $5,600 in insurance costs for the first six months of the year 3. Employee salaries of $2.100 for the month of December will be paid in early January 2025 . Salaries paid for the first 11 months of the year total $43.000 4. On November 1,2024 , the company borrowed $10,500 from a bank. The loan requires peincipal and interest at 10x to be paid on October 30.2025 5. Office supplies at the beginning of 2024 totaled $910. On August 15 . Wolverine purchased an additional $2.500 of office supplies, recorded to the Supplies account. By the end of the year, $410 of office supplies remains Required: For each item, determine the accounts to be adjusted on December 31,2024 , the amount of the adjustment, and the ending balance Assume no adjustments were previously made during the yeat. Note: Amounts to be deducted should be indicated with a minus sign. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be indicated with a minus sign
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