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Record a journal entry for the original transaction

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Question - Doan Inc. has a fiscal year end of March 31, 2018. The following transactions occurred during the year:

a) April 30, 2017: Purchased insurance for the year: $6,000.

b) June 1, 2017: Purchased equipment on account: $4,000. The equipment had an expected useful life of 8 years and no expected residual value.

c) August 31, 2017: Borrowed $8,000 cash in the form of a note payable. The note has annual interest at a rate of 11%. The company expects to repay the note on August 1, 2018.

d) December 1, 2017: Loaned $3,000 cash signing a note receivable. The note has an annual interest rate of 6%. The company expects to be repaid on June 30, 2018.

e) January 1, 2018: The company received a $12,000 prepayment for software development services it would be delivering over the next four months. As of fiscal year end, the first three months of the service had been delivered on time and on schedule with one more month remaining.

Required - For the transactions above, record a journal entry for the original transaction and record the required year-end adjustment. (If no journal entry is required, write "no entry".)

Reference no: EM133005794

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