Exercise 3-12 (Static) Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2024. On December 1,2024 , Wolverine received $4,000 cash from a company that rents office space irom Wolverine. The payment, representing rent for December and January, was credited to Deferred Revenue on December 1. Insurance for the entire amount on July 1. Employee salaries of $3,000 for the month of December will be paid in early January 2025 . On November 1,2024 , the company borrowed $15,000 from a bank. The loan requires principal and interest at 10% to be paid on October 30,2025. Office supplies at the beginning of 2024 totaled $1,000. On August 15