Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $36,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,100 per year.
b. On June 30, the company lends its chief financial officer $41,000; principal and interest at 7% are due in one year
c. On October 1, the company receives $12,400 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.
Answers: 1
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Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $36,600 is...
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