Exercise 3-8 Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company: a. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year. b. On June 30, the company lends its chief financial officer $40,000; principal and interest at 6% are due in one year. c. On October 1, the company receives $12,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited Required For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year. (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 2 Record the adjusting entry for depreciation. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal