Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $35,400 is purchased at the...

  

 

Transcribed Image Text:

Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $35,400 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,900 per year, 2. On June 30, the company lends its chief financial officer $39,000; principal and interest at 5% are due in one year. 3. On October 1, the company receives $11,600 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 View transaction list Journal entry worksheet 3 Equlpment costing $35,400 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,900 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal 1 of 7 Next Prov Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $35,400 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,900 per year, 2. On June 30, the company lends its chief financial officer $39,000; principal and interest at 5% are due in one year. 3. On October 1, the company receives $11,600 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 View transaction list Journal entry worksheet 3 Equlpment costing $35,400 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,900 per year. Record the adjusting entry for depreciation at its year-end of December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal 1 of 7 Next Prov

Answer rating: 100% (QA)

Date General Journal Debit Credit Dec 31 Deprec... View the full answer