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numbers are correct but why is general journal wrong? A company has a fiscal year-end of December 31: (1) on October 1, $24,000 was paid
numbers are correct but why is general journal wrong? A company has a fiscal year-end of December 31: (1) on October 1, $24,000 was paid for a one-year fire insurance policy: (2) on June 30 the company loaned its chief financial officer $22,000; principal and interest at 8% on the note are due in one year; and (3) equipment costing $72,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,400 per year. Prepare the necessary adjusting entries at December 31 for each of the above items. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Do not round intermediate calculations. Journal entry worksheet 3 On June 30 the company loaned its chief financial officer $22,000; principal and interest at 8% are due in one year. Prepare the necessary adjusting entry on December 31. Note: Enter debits before credits
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