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  3. on december 1, 2024, wolverine received $2,300 cas

on december 1, 2024, wolverine received $2,300 cash from a company that rents office space...

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Accounting

On December 1, 2024, Wolverine received $2,300 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 $11,160. The payment was debited to Prepaid Insurance for the entire amount on July 1. Employee salaries of $1,300 for the month of December will be paid in early January 2025. On November 1, 2024, the company borrowed $6,500 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 $830. On August 15, Wolverine purchased an additional $1,700 of

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