Question

Need help recording the adjustment entry for all of these transactions

B (of 12) 8.33 points a. On December 1, 2018, Wolverine receives $3,700 cash trom a company that is renting office space from Wolverine. The payment, representing rent for December and January, is purchases a oneyear property insurance policy on July 1, 2018, for $12.840. The payment is debited to Prepaid Insurance for the entire amount salaries of $2.700 for the month of December will be paid in early January 2019. d. On $470 of office supplies remains Required: 1, 2018, the bono es S 13 500 to n a bank The loan rean s propal and interest at 10% to be paid on October 30, 2019. supplies at the g of 2018 total $970. On August 15, Wolverine purchases an additional $3,100 of office supplies, debiting the Supplies account. By the and of the year Record the necessary 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) Journal entry worksheet O Type here to search 3142019 DOLL

Answer 1

Solution:

Journal Entries - Wolverine Company
Event	Particulars	Debit	Credit
a	Deferred revenue Dr	$1,850.00
	To Rent revenue ($3,700/2)		$1,850.00
	(To record rent revenue)
b	Insurance expense Dr ($12,840 * 6/12)	$6,420.00
	To Prepaid insurance		$6,420.00
	(To record insurance expense for expired period)
c	Salaries Expense Dr	$2,700.00
	To Salaries Payable		$2,700.00
	(To record salaries expense)
d	Interest expense Dr ($13,500*10%*2/12)	$225.00
	To Interest Payable		$225.00
	(To record interest expense on bank loan)
e	Supplies Expense Dr ($970 + $3,100 - $470)	$3,600.00
	To Supplies		$3,600.00
	(To record supplies expense)