70.2K

Verified Solution

Link Copied!

Help please

Exercise 3-8A Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company 1. Equipment costing $34,200 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5700 per year. 2. On June 30, the company lends its chief financial officer $37.000, principal and interest at 7% are due in one year 3. On October 1, the company receives $10,800 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 1 2 3 > Equipment costing $34,200 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,700 per year. Record the adjusting entry for depreciation at its year end of December 31 Note: Enter debits before credits General Journal Dell Credit Date December 31 Record entry Clear entry View general journal P 1 of Next > diculations.) View transaction list Journal entry worksheet On October 1, the company receives $10,800 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Record the adjusting entry for deferred revenue 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

Answer & Explanation Solved by verified expert

See Answer