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A company has a fiscal year-end of December 31: (1) on October 1, $25,000 was paid for a one-year fire insurance policy, (2) on June
A company has a fiscal year-end of December 31: (1) on October 1, $25,000 was paid for a one-year fire insurance policy, (2) on June 30 the company advanced its chief financial officer $23,000; principal and interest at 5% on the note are due in one year, and (3) equipment costing $73,000 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.) Journal entry worksheet On October 1,$25,000 was paid for a one-year fire insurance policy, Note: Enter debits before credits
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