Exercise 3-8A Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company 1. Equipment costing $39,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,500 per year 2. On June 30, the company lends its chief financial officer $45,000; principal and interest at 5% are due in one year 3. On October 1, the company receives $14.000 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 particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 2 3 1 Equipment costing $39,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,500 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. Debit Credit General Journal Date December 31 Depreciation Expense 6,500 6,500 Accumulated Depreciation View general journal Record entry Clear entry View transaction list Journal entry worksheet >