MTL structis Consider the fallowing transactions for Huskies Insurance Company a

Question

MTL structis Consider the fallowing transactions for Huskies Insurance Company a. Equipment costing $36,000 is purchased at the b. On June 30, the company irds ts chief financal offor S40,000: princpal and interest at 6% arre due in one year of the year for cash. Depreciation on the equipment is $6,000 per year. c On October 1, the company receives $12,000 from a customer for a one-year property insurance policy. Deferred Revenue is credted 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 transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the adjusting entry for depreciation. Note: Enter debits before credts DebitCredit 29 PDF

Explanation / Answer

Transaction General Journal Debit Credit a. Depreciation expense $6,000 Accumulated depreciation $6,000 b. Interest receivable($40,000 * 6% *6/12) $1,200 Interest revenue $1,200 c. Unearned revenue($12,000 * 3/12) $3,000 Service revenue $3,000

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