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Below are transactions for Wolverine Company during $2024.$

On December $1,2024,$ Wolverine received $$2,200$ 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 $1.$

Wolverine purchased a one$-$year property insurance policy on July $1,2024,$ for $$11,040.$ The payment was debited to Prepaid

Insurance for the entire amount on July $1.$

Employee salaries of $$1,200$ for the month of December will be paid in early January $2025.$

On November $1,2024,$ the company borrowed $$6,000$ from a bank. The loan requires principal and interest at $12\%$ to be paid on

October $30,2025.$

Office supplies at the beginning of $2024$ totaled $$820.$ On August $15,$ Wolverine purchased an additional $$1,600$ of office supplies,

debiting the Supplies account. By the end of the year, $$320$ 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.$)$

Journal entry worksheet

On December $1,2024,$ Wolverine received $$2,200$ 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

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