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Question: Consider the following transactions for Huskies Insurance Company:

a. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year.

b. On June 30, the company lends its chief financial officer $40,000; principal and interest at 6% are due in one year.

c. On October 1, the company receives $12,000 from a customer for a one-year property insurance policy. Unearned 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.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92328551

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