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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
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
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