Brief Exercise 2-4 (Algo) Journal entries [LO2-3] A company has a fiscal year-end of December 31: (1) on October 1. $23,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $21,000; principal and interest at 7% on the note are due in one year; and (3) equipment costing $71.000 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.) View transaction list Journal entry worksheet < 1 2 3 On October 1, $23,000 was paid for a one-year fire insurance policy. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7 View general journal Record entry Clear entry