Exercise 3-12 (Algo) Record year-end adjusting entries (LO3-3)

Below are transactions for Wolverine Company during 2024.

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.

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.

Employee salaries of $1,000 for the month of December will be paid in early January 2025.

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.

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.)