Record year$-$end adjusting entries $($ LO$3-3)$

E$3-8$ Consider the following transactions for Huskies Insurance Company:

Income taxes for the year total $$42,000$ but won't be paid until next April $15.$

On June $30,$ the company lent its chief financial officer $$50,000$; principal and interest at $7\%$ are due in one year.

On October $1,$ the company received $$16,000$ 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.