ter 3 Homework Saved Help Sa Below are transactions for a company during Year 1. 1. On December 1, Year 1, the company receives $3,200 cash from the company that is renting office space from the company. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. The company purchases a one-year property insurance policy on July 1, Year 1, 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 Year 2. 4. On November 1, Year 1, the company borrows $11,000 from a bank. The loan requires principal and interest at 9% to be paid on October 30, Year 2. 5. Office supplies at the beginning of Year 1 total $920. On August 15, the company purchases an additional $2,600 of office supplies, debiting the Supplies account. By the end of the year, $420 of office supplies remains. Required: Record the necessary adjusting entries at December 31, Year 1, for the company. You do not need to record transactions made during the year. Assume that no financial 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 View journal entry worksheet No Date General Journal Debit Credit 1 of 5 !! Next > 1 2. 3 5 On December 1, Year 1, the company receives $3,200 cash from the company that is renting office space from the company. 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. Debit Date General Journal December 31 Deferred Revenue Credit Record entry Clear entry View general journal 1 of 5 Next > 1 2 3 4 5 Office supplies at the beginning of Year 1 total $920. On August 15, the company purchases an additional $2,600 of office supplies, debiting the Supplies account. By the end of the year, $420 of office supplies remains. Record the adjusting entry for supplies at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal