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Prepare the necessary adjusting entries at december 31 for

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A company has a fiscal year-end of December 31: (1) on October 1, $17,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $15,000; principal and interest at 5% are due in one year; and (3) equipment costing $65,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,000 per year.

Prepare the necessary adjusting entries at December 31 for each of the above items. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM13965154

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