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26 January, 08:37

Consider the following transactions for Huskies Insurance Company: Equipment costing $40,800 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,800 per year. On June 30, the company lends its chief financial officer $48,000; principal and interest at 5% are due in one year. On October 1, the company receives $15,200 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.)

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  1. 26 January, 10:13
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    For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of Decembe

    Explanation:

    1. - Purchase equipment

    d c

    Equipment 40800

    Cash 40800

    2.-Lend

    d c

    Account receivable employees 48000

    Cash 48000

    3.-Lend Interest

    d c

    Account receivable interest 1200

    Other income 1200

    4-Insurance policy

    d c

    Cash 15200

    Deferred revenue 15200

    5.-Insurance policy

    d c

    Deferred revenue 3800

    Revenue 3800
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