Consider the following items for Huskies Insurance Company Income taxes for the year total $42,000 but wont be paid in full until next April 15. On June 30, the company lent its chief financial officer $50,000; principle and interest at 7% are due in 1 year On October 1, the company received $16,000 from a customer for a one-year property insurance policy. Deferred revenue was recorded on October 1. Insurance services provided to other customers during the year totaled $100,000. For each item, determine the accounts to be adjusted on December 31, the amount of the adjustment, and the ending balance..
Consider the following items for Huskies Insurance Company Income taxes for the year total $42,000 but wont be paid in full until next April 15. On June 30, the company lent its chief financial officer $50,000; principle and interest at 7% are due in 1 year On October 1, the company received $16,000 from a customer for a one-year property insurance policy. Deferred revenue was recorded on October 1. Insurance services provided to other customers during the year totaled $100,000. For each item, determine the accounts to be adjusted on December 31, the amount of the adjustment, and the ending balance..