Question

Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year. 2. On June 30, the company lends its chief financial officer $40,000; principal and interest at 6% are due in one year. 3. On October 1, the company receives $12,000 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 particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list View journal entry worksheet No Credit Date December 31 General Journal Depreciation Expense Accumulated Depreciation Debit 6,000 6,000 2 December 31 1,200 Interest Receivable Interest Revenue 1,200 3 December 31 3,000 Service Revenue 3,000

Answer 1

Dec 31	Deferred revenue (12,000*3/12)	3000 Debit
	Service Revenue	3000 credit
	(to record revenue received)

If deferred revenue is not accepted, please try 'Unearned revenue'