Question: i need hell with entry 2. also can you please check if entry 1 and 3 are correct? A company has a fiscal year-end of

i need hell with entry 2. also can you please check if entry 1 and 3 are correct?  i need hell with entry 2. also can you please check
if entry 1 and 3 are correct? A company has a fiscal
year-end of December 31: (1) on October 1, $29,000 was paid for
a one-year fire insurance policy, (2) on June 30 the company advanced

A company has a fiscal year-end of December 31: (1) on October 1, $29,000 was paid for a one-year fire insurance policy, (2) on June 30 the company advanced its chief financial officer $27,000; principal and interest at 5% on the note are due in one year, and (3) equipment costing $77,000 was purchased at the beginning of the year for cash. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet On October 1, $29,000 was paid for a one-year fire insurance policy. Note: Enter debits before credits. Transaction Credit General Journal Insurance expense Prepaid insurance Debit 7,250 7,250 Record entry Clear entry View general journal Journal entry worksheet On June 30 the company advanced its chief financial officer $27,000; principal and interest at 5% are due in one year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Equipment costing $77,000 was purchased at the beginning of the year for cash. Note: Enter debits before credits. Transaction Credit General Journal Depreciation expense Accumulated depreciation Debit 15,400 15,400 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!