Question: Problem 3 (E3-8) Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash.

Problem 3 (E3-8) Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on equipment is $7,000 per year. 2. On June 30, the company lends its Chief Financial Officer $50,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: For each item, record the original entry (indicate as 1A, 2A, and 3A) and the adjusting entry (indicate as 1B, 2B, and 3B). If no adjusting entry is needed, write, "No Adj JE

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