Exercise 3-8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company: 1. Income taxes for the year total $51,000 but won't be paid until next April 15. 2. On June 30, the company lent its chief financial officer $59,000; principal and interest at 5% are due in one year. 3. On October 1, the company received $15,200 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 transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 2 3 Income taxes for the year total $51,000 but won't be paid until next April 15. Record the adjusting entry for income taxes at its year-end of December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit