Consider the following transactions for Huskies Insurance Company:
Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year.
On June 30, the company lends its chief financial officer $40,000; principal and interest at 6% are due in one year.
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On October 1, the company receives $12,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.
Date General Journal Debit Credit December 31