he following transactions occurred during December 31, 2021, for the Falwell Company A three year fire insurance policy was purchased on July 1, 2021, for $13,680 The company debited insurance expense for the entire amount Depreciation on equipment totaled $13,250 for the year Employee salaries of $19,000 for the month of December will be paid in early January 2022 On November 1, 2021, the company borrowed $240,000 from a bank The note requires principal and interest at 12 to be paid on April 30, 2022 On December 1, 2021, the company received $7,200 in cash from another company that is renting office space in Falwells building The payment, representing rent for December, January, and February was credited to deferred rent revenue On December 1, 2021, the company received $7,200 in cash from another company that is renting office space in Falwells building The payment, representing rent for December, January, and February was credited to rent revenue rather than deferred rent revenue for $7,200 on December 1, 2021 Prepare the necessary adjusting entries for each of the above situations Assume that no financial statements were prepared during the year and no adjusting entries were recorded (If no entry is required for a transaction event, select No journal entry required in the first account field )

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he following transactions occurred during December 31, 2021, for the Falwell Company. A three-year fire insurance policy was purchased on July 1, 2021, for $13,680.

he following transactions occurred during December 31, 2021, for the Falwell Company.

A three-year fire insurance policy was purchased on July 1, 2021, for $13,680. The company debited insurance expense for the entire amount.
Depreciation on equipment totaled $13,250 for the year.
Employee salaries of $19,000 for the month of December will be paid in early January 2022.
On November 1, 2021, the company borrowed $240,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022.
On December 1, 2021, the company received $7,200 in cash from another company that is renting office space in Falwells building. The payment, representing rent for December, January, and February was credited to deferred rent revenue.
On December 1, 2021, the company received $7,200 in cash from another company that is renting office space in Falwells building. The payment, representing rent for December, January, and February was credited to rent revenue rather than deferred rent revenue for $7,200 on December 1, 2021.

Prepare the necessary adjusting entries for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)