Consider the following transactions for Huskies Insurance Company: Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required:
For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31.