k ces Exercise 3-12 (Algo) Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2024. 1. On December 1, 2024, Wolverine received $2,100 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 $10,920. The payment was debited to Prepaid Insurance for the entire amount on July 1. 3. Employee salaries of $1,100 for the month of December will be paid in early January 2025. 4. On November 1, 2024, the company borrowed $5,500 from a bank. The loan requires principal and Interest at 12% to be paid on October 30, 2025. 5. Office supplies at the beginning of 2024 totaled $810. On August 15, Wolverine purchased an additional $1,500 of office supplies, debiting the Supplies account. By the end of the year, $310 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 financial 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 field. Do not round Intermediate calculations.) View transaction list Journal entry worksheet 1 Date December 31 2 Record entry 3 4 On December 1, 2024, Wolverine received $2,100 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. 5 General Journal Clear entry Debit Credit View general journal
k ces Exercise 3-12 (Algo) Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2024. 1. On December 1, 2024, Wolverine received $2,100 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 $10,920. The payment was debited to Prepaid Insurance for the entire amount on July 1. 3. Employee salaries of $1,100 for the month of December will be paid in early January 2025. 4. On November 1, 2024, the company borrowed $5,500 from a bank. The loan requires principal and Interest at 12% to be paid on October 30, 2025. 5. Office supplies at the beginning of 2024 totaled $810. On August 15, Wolverine purchased an additional $1,500 of office supplies, debiting the Supplies account. By the end of the year, $310 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 financial 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 field. Do not round Intermediate calculations.) View transaction list Journal entry worksheet 1 Date December 31 2 Record entry 3 4 On December 1, 2024, Wolverine received $2,100 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. 5 General Journal Clear entry Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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9
Transcribed Image Text:nces
Exercise 3-12 (Algo) Record year-end adjusting entries (LO3-3)
Below are transactions for Wolverine Company during 2024.
1. On December 1, 2024, Wolverine received $2,100 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 $10,920. The payment was debited to Prepaid
Insurance for the entire amount on July 1.
3. Employee salaries of $1,100 for the month of December will be paid in early January 2025.
4. On November 1, 2024, the company borrowed $5,500 from a bank. The loan requires principal and interest at 12% to be paid on
October 30, 2025.
5. Office supplies at the beginning of 2024 totaled $810. On August 15, Wolverine purchased an additional $1,500 of office supplies,
debiting the Supplies account. By the end of the year, $310 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 financial 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 calculations.)
View transaction list
Journal entry worksheet
<
1
Date
December 31
2
On December 1, 2024, Wolverine received $2,100 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.
Record entry
3
5
General Journal
Clear entry
Debit
Credit
View general journal
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