Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following transactions for Huskles Insurance Company. 1. Equipment costing $33,000 is purchased at the beginning of the year for cash. Depreciation on the

image text in transcribed

Consider the following transactions for Huskles Insurance Company. 1. Equipment costing $33,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,500 per year. 2. On June 30, the company lends its chlef financial Officer $35,000; principal and Interest at 6% are due in one year. 3. On October 1, the company receives $10,000 from a customer for a one-year property Insurance policy. Deferred Revenue is credited. Required: For each item, record the necessary adjusting entry for Huskles 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 fleld. Do not round Intermediate calculations.) Journal entry worksheet 1 2 3 > Equipment costing $33,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,500 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Hospitality Management Accounting

Authors: Michael M. Coltman, Martin G. Jagels, Martin Jagels

7th Edition

0471348848, 978-0471348849

More Books

Students also viewed these Accounting questions

Question

Understand corporate and HRM strategy.

Answered: 1 week ago