Question
Consider the following transactions for Huskies Insurance Company: Equipment costing $41,400 is purchased at the beginning of the year for cash. Depreciation on the equipment
Consider the following transactions for Huskies Insurance Company:
Equipment costing $41,400 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,900 per year.
On June 30, the company lends its chief financial officer $49,000; principal and interest at 6% are due in one year.
On October 1, the company receives $15,600 from a customer for a one-year property insurance policy. Deferred Revenue is credited.
Required:
For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
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