Answer Happy

nces Exercise 3-8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company: 1. Income taxes for the year total $47,000 but won't be paid until next April 15. 2. On June 30, the company lent its chief financial officer $55,000; principal and interest at 7% are due in one year. 3. On October 1, the company received $13,600 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1. 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 Income taxes for the year total $47,000 but won't be paid until next April 15. Record the adjusting entry for income taxes at its year-end of December 31. 2 3 Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal

View transaction list 1 Income taxes for the year total $47,000 but won't be paid until next April 15. Record the adjusting entry for income taxes at its year-end of December 31. 2 On June 30, the company lent its chief financial officer $55,000; principal and interest at 7% are due in one year. Record the adjusting entry for interest at its year- end of December 31. 3 On October 1, the company received $13,600 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1. Record the adjusting entry for deferred revenue at its year-end of December 31. Note: = journal entry has been entered Record entry Clear entry EX April 15. ber 31. Credit View general journal