The information necessary for preparing year-end adjusting entries appears below. The company's fiscal year-end is December 31.

At the end of the year, the academy calculated that it owed $6,900 in income taxes. Those taxes wont be paid until next April 15.

Salaries earned (but not paid) from December 16 through December 31, 2024, are $3,900.

On March 1, 2024, the company lends an employee $19,500. The employee signs a note requiring principal and interest at 8% to be paid on February 28, 2025.

On April 1, 2024, the company pays an insurance company $13,080 for a two-year fire insurance policy. The entire $13,080 is debited to Prepaid Insurance at the time of the purchase.

The company uses $1,650 of supplies in 2024.

A customer pays the company $2,670 on October 31, 2024, for three months of personal training to begin November 1, 2024. The company credits Deferred Revenue at the time of cash receipt.

On December 1, 2024, the company pays $5,850 rent to the owner of the building. The payment represents rent for December 2024 through February 2025, at $1,950 per month. Prepaid Rent is debited at the time of the payment.

Required: Record the necessary adjusting entries at December 31, 2024. No prior adjustments have been made during 2024. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)