I was able to fill out the first journal entry but need help with the others. Th

Question

I was able to fill out the first journal entry but need help with the others. The options for the drop down transaction names are in image 2. Thank you!

A company has a fiscal year-end of December 31: (1) on October 1, $22.000 was paid for a one-year fire insurance policy: (2) on June 30 the company lent its chief financial officer $20,000; principal and interest at 6% are due in one year, and (3) equipment costing $70000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $14,000 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.) l Journal Debit Credit expense 5,500 Prepaid insurance 5,500 2 2 No Transaction Drop down options:

Explanation / Answer

no Transaction General Journal Debit Credit 1) insurance expense 5500 prepaid insurance 5,500 (22000/12*3) 2) interest expense 600 interest payable 600 (20,000*6%*6/12) 3) Depreciation expense 14,000 Accumulated depreciation 14,000

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