Exercise 3.8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company. 1. Income taxes for the year total $47,000 but won't be paid until next April 15 2 On June 30 , the company lent its chief financial officer $55,000, principal and interest at 7% are due in one year. 3. On October 1 , the company received $13,600 from a customer for a one-year property insurance policy Deferred Revenue was credited on October 1. 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 porticular tronsoction/event, select "No Journal Entry Required" in the first occount field. Do not round intermediate calculations.) Journal entry worksheet Exercise 3-8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies insurance Company: 1. Income taxes for the year total $47,000 but won't be paid untu next April 15. 2. On June 30 , the company lent its chief financial officer $55.000; principal and interest at 7% are due in one year. 3. On October 1, the company received $13,600 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1. Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31 . No adjusting entries were made duting the year. (If no entry is required for a porticulor transoction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet On June jo, the company lent its chief financiat officer 555,000; phincipat and interest at 7% are due in one yeaf. fecord the adfusting entry for interest at ite year-end of December 31 . Note Enter debts belorn credsts. Exercise 3-8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies insurance Company: 1. Income taxes for the year total $47,000 but won't be paid until next Apral 15 2. On June 30 , the company lent its chief financial officer $55,000. principal and interest at 7% are due in one year. 3. On October 1, the company received $13,600 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1. 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 occount field. Do not round intermediate calculations.) Journal entry worksheet On October 1 , the company received $13,600 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1 . Record the adjusting entry for deferred revenue at its year-end of December 31 . Note: Enter debits beforn credits