Exercise 3-8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskles Insurance Company. 1. Income taxes for the year total $62,000 but won't be paid until next April 15. 2. On June 30, the company lent Its chlef financial officer $70,000; principal and interest at 5% are due in one year. 3. On October 1, the company received $8,000 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 Huskles 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 fleld. Do not round Intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 Income taxes for the year total $62,000 but won't be paid until next April 15. Record the adjusting entry for income taxes at its year-end of December 31. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit > View general journal

Exercise 3-8 (Algo) Record year-end adjusting entries (LO3-3) Consider the following transactions for Huskles Insurance Company. 1. Income taxes for the year total $62,000 but won't be paid until next April 15. 2. On June 30, the company lent Its chlef financial officer $70,000; principal and interest at 5% are due in one year. 3. On October 1, the company received $8,000 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 Huskles 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 fleld. Do not round Intermediate calculations.) View transaction list Journal entry worksheet < 1 2 3 Income taxes for the year total $62,000 but won't be paid until next April 15. Record the adjusting entry for income taxes at its year-end of December 31. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit > View general journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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