A company has a fiscal year-end of December 31: (1) on October 1, $24,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $22,000; principal and interest at 8% are due in one year; and (3) equipment costing $72,000 was purchased at the beginning of the year for cash.

Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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General JournalDifficulty: 1 EasyLearning Objective: 02-02 Record transactions using the general journal format.

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