April 2 Garcia invested $38,000 cash and computer equipment worth $11,400 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,600 cash for the first month’s (April) rent. April 4 The company purchased $1,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 24 The company collected $24,000 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 29 The company paid $650 cash for minor repairs to computer equipment. April 30 The company paid $400 cash for this month’s telephone bill. April 30 The company paid $1,700 cash in dividends. Record the entry to close the revenue account(s). Record the entry to close the expense account(s). Record the entry to close Income summary. Record the entry to close the owner's withdrawals account.

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A three-year fire insurance policy was purchased on July 1, 2024, for $12,600. The company debited prepaid insurance for the entire amount at the time of payment. Depreciation on equipment totaled $12,500 for the year. Employee salaries of $17,000 for the month of December will be paid in early January 2025. On November 1, 2024, the company borrowed $210,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2025. On December 1, 2024, the company received $6,300 in cash from another company that is renting office space in Fierro’s building. The payment, representing rent for December, January, and February was credited to deferred rent revenue at the time cash was received. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.