Consider the following transactions for Huskies Insurance Company 1. Income taxes for the year total $62,000...

 

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Consider the following transactions for Huskies Insurance Company 1. Income taxes for the year total $62,000 but won't be paid until next April 15. 2. On June 30, the company lent its chief financial officer $70,000; principal and interest at 5% are due in one year. 3. On October 1, the company received $8,000 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 (If no entry is required for a particular transection/event, select "No Journal Entry Required" In the first account field. Do not round Intermediate calculations.) Consider the following transactions for Huskies Insurance Company 1. Income taxes for the year total $62,000 but won't be paid until next April 15. 2. On June 30, the company lent its chief financial officer $70,000; principal and interest at 5% are due in one year. 3. On October 1, the company received $8,000 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 (If no entry is required for a particular transection/event, select "No Journal Entry Required" In the first account field. Do not round Intermediate calculations.)