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The following transactions occurred for the Fierro Company. 1. A three-year fire insurance policy was purchased on July 1,2024 , for $9,720. The company debited prepaid insurance for the entire amount at the time of payment 2. Depreciation on equipment totaled $10,500 for the year. 3. Employee salaries of $13,000 for the month of December will be paid in early January 2025. 4. On November 1, 2024, the company borrowed $120,000 from a bank. The note requires principal and interest at 12% to be paid on April 30,2025 5. On December 1, 2024, the company received $3,900 in cash from another compary that is renting office space in Fierro's bullding The payment, representing rent for December, January, and February was credited to deferred rent revenue at the time cash was recelved. Required: Prepare the necessary adjusting entries at December 31,2024 for esch of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: If no entry is required for o transection/event, select "No joumal entry required" in the first account field. Journal entry worksheet A three-vear fire insurance pollcy was purchased on july 1,2024 , for $9,720. The company debleed prepaid insurance for the entre amount at the time of payment. Prepare the necessary adjusting entry on December 31, 2024. 10oker Futer aehita beiser ortite

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