Question

everything currently entered is wrong. please help!
Consider the following transactions for Huskies Insurance Company: a. Equipment costing $36,600 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,100 per year. b. On June 30, the company lends its chief financial officer $41,000; principal and interest at 7% are due in one year c. On October 1, the company receives $12,400 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 transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 Record the adjusting entry for depreciation. Note: Enter debits before credits. Transaction General Journal Debit Credit Equipment 36,600 Cash 36,600 6,100 Accumulated depreciation

Answer 1

Adjusting entry

date	account and explanation	debit	credit
Dec 31	Depreciation expense	6100
	Accumulated depreciation-equipment		6100
	(To record dep)
Dec 31	Interest receivable (41000*7%*6/12)	1435
	Interest revenue		1435
	(To record interest)
Dec 31	Deferred revenue	3100
	Revenue earned (12400*3/12)		3100
	(To record revenue)