Question
In: Accounting
A company has a fiscal year-end of December 31: (1) on October 1, $14,000 was paid...
A company has a fiscal year-end of December 31: (1) on October
1, $14,000 was paid for a one-year fire insurance policy; (2) on
June 30 the company lent its chief financial officer $12,000;
principal and interest at 6% are due in one year; and (3) equipment
costing $62,000 was purchased at the beginning of the year for
cash.
Prepare journal entries for each of the above transactions.
(If no entry is required for a transaction/event, select
"No journal entry required" in the first account
field.)
1. On October 1, $14,000 was paid for a one-year fire insurance policy.
2. On June 30 the company lent its chief financial officer $12,000; principal and interest at 6% are due in one year.
3. Equipment costing $62,000 was purchased at the beginning of the year for cash.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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