Question

Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year.
b. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year.
c. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Unearned 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.



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  • CreatedJuly 15, 2014
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