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Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $4,200 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,640 for 30 radio ads that were to be aired, 10 per month, throughout December, January. and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $7,800 will be paid on January 7, 2022. 4. On August 31, 2021, Shocker borrows $68,000 from a local bank. A note is signed with principal and 6% interest to be paid on August 31, 2022. Required: Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year. (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.) 9 Answer is not complete. December 31 Deferred Revenue December 31 Deferred Revenue Service Revenue Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $3,200 cash from a company that is renting ofce space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $12,240. The payment is debited to Prepaid Insurance for the entire amount. 3. Employee salaries of $2,200 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrows $11,000 from a bank. The loan requires principal and interest at 9% to be paid on October 30, 2022. 5. Ofce supplies at the beginning of 2021 total $920. On August 15, Wolverine purchases an additional $2,600 of office supplies, debiting the Supplies account. By the end of the year, $420 of ofce supplies remains. Required: Record the necessary adjusting entries at December 31, 2021, for Wolverine Company. You do not need to record transactions made during the year. Assume that no nancial 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. Do not round intermediate calculations.) View transaction list Journal entry worksheet On December 1, 2021, Wolverine receives $3,200 cash from a company that is renting ofce space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. Record the adjusting entry for deferred revenue at its year-end of December 31. Note: Enter debits before credits