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On December 1 , 2 0 2 4 , Wolverine received $ 4 , 0 0 0 cash from a company renting office space from
On December Wolverine received $ cash from a company renting office space from Wolverine. The payment, representing rent for December and January, was recorded to Deferred Revenue on December Revenue for other rentals totaled $ Wolverine purchases a oneyear property insurance policy on July for $ The payment was recorded in Prepaid Insurance for the entire amount on July Wolverine had $ in insurance costs for the first six months of the year. Employee salaries of $ for the month of December will be paid in early January Salaries paid for the first months of the year total $ On November the company borrowed $ from a bank. The loan requires principal and interest at to be paid on October Office supplies at the beginning of totaled $ On August Wolverine purchased an additional $ of office supplies, recorded to the Supplies account. By the end of the year, $ of office supplies remains. Required: For each item, determine the accounts to be adjusted on December the amount of the adjustment, and the ending balance. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be indicated with a minus sign.
On December Wolverine received $ cash from a company renting office space from Wolverine. The payment, representing rent for December and January, was recorded to Deferred Revenue on December Revenue for other rentals totaled $
Wolverine purchases a oneyear property insurance policy on July for $ The payment was recorded in Prepaid Insurance for the entire amount on July Wolverine had $ in insurance costs for the first six months of the year.
Employee salaries of $ for the month of December will be paid in early January Salaries paid for the first months of the year total $
On November the company borrowed $ from a bank. The loan requires principal and interest at to be paid on October
Office supplies at the beginning of totaled $ On August Wolverine purchased an additional $ of office supplies, recorded to the Supplies account. By the end of the year, $ of office supplies remains.
Required:
For each item, determine the accounts to be adjusted on December the amount of the adjustment, and the ending balance. 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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