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1)

Below are transactions for Wolverine Company during 2024. 1. On December 1, 2024. Wolverine recelved $3,500 cash from a company that rents office space from Wolverine. The payment, representing rent for December and January, was credited to Deferred Revenue on December 1 . 2. Wolverine purchased a one-year property insurance policy on July 1, 2024, for $12,600. The payment was debited to Prepaid Insurance for the entire amount on July 1. 3. Employee salaries of $2,500 for the month of December will be paid in early January 2025. 4. On November 1,2024 , the company borrowed $12,500 from a bank. The loan requires principal and interest at 12% to be pald on October 30,2025 . 5. Office supplies at the beginning of 2024 totaled $950. On August 15, Wolverine purchased an additional $2,900 of office supplles. debiting the Supplies account. By the end of the year, $450 of office supplies remains. Required: Record the necessary adjusting entries at December 31, 2024, for Wolverine Company. You do not need to record transactions made during the year. Assume that no financlal statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleld, Do not round intermediate calculotions.) intermediate calculations.) Journal entry worksheet 5 On December 1, 2024, Wolverine received $3,500 cash from a company that rents office space from Wolverine. The payment, representing rent for December and January, was credited to Deferred Revenue on December 1. Record the adjusting entry for deferred revenue at its year-end of December Note: Enter debits before credits. Journal entry worksheet Wolverine purchased a one-year property insurance policy on July 1, 2024, for $12,600. The payment was debited to Prepaid Insurance for the entire amount on July 1. Record the adjusting entry for insurance at its year-end of December 31 . Note: Enter debits before credits: intermediate calculations.) Journal entry worksheet Employee salaries of $2,500 for the month of December will be paid in early January 2025. Record the adjusting entry for salaries at its year-end of December 31. Note: Enter debits before credits. intermediate calculations.) Journal entry worksheet On November 1,2024 , the company borrowed $12,500 from a bank. The loan requires principal and interest at 12% to be paid on October 30,2025 . Record the adjusting entry for interest at its year-end of December 31. Note: Enter debits before credits. intermediate calculations.) Journal entry worksheet Office supplies at the beginning of 2024 totaled $950. On August 15 , Wolverine purchased an additional $2,900 of office supplies, debiting the Supplies account. By the end of the year, $450 of office supplies remains. Record the adjusting entry for office supplies at its year-end of December 31 . Note: Enter debits before credits