The following transactions occurred for the Fierro Company. 1. A three-year fire insurance policy was purchased on July 1,2024, for $10,440. The company debited prepaid insurance for the entire amount at the time of payment. 2. Dopreciation on equipment totaled $11,000 for the yeac. 3. Employee salaries of $14,000 for the month of December will be paid in early January 2025. 4. On November 1,2024, the company borrowed $140,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2025. 5. On December 1,2024 , the company received $4,500 in cash from another company that is renting office space in Fierro's building The payment, representing rent for December, January, and February was credited to deferred rent revenue at the time cash was received. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 45 A three-year fire insurance policy was purchased on suly 1, 2024, for 110,440 . The compary debited prepaid insurance for the entire amount at the time of parment. Prepare the necestary adfusting entry on December 31,2024 . Required: Preparre the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial stat were prepared during the year and no adjusting entries were recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 Depreciation on equipment totaled $11,000 for the year. Prepare the necessary adjusting entry on December 31,2024. Note: Enter debits before credits. Required: Prepare the necessary adjusting entries at December 31,2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 5 Employee salaries of $14,000 for the month of December will be paid in earfy January 2025. Prepare the necessary adjusting entry on December 31, 2024. Nots: toiter Gebits belore citots. Required: Prepare the necessary odjusting entries at Decomber 31,2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting ontries were recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 is On November 1,2024 , the company borrowed $140,000 from a bank. The note requires prinopal and interest at 12% to be paid on April 30,2025. prepare the nectectary adjusting entry on December 31,2024. Whe fiter ateits before cresth. Required: Prepare the necessary adjusting entries at December 31,2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 2 3 4 On December 1, 2024, the company received \$4,500 in cash for December, lanvary, and rebruary rent. Deferred rent revenue was credited. Prepare the necescary adjusting entry on December 31, 2024
