Acompany has a fiscal year-end of December 31: (1) on October 1,$24,000 was paid for a one-year fire insurance policy; (2) on June30 the company lent its chief financial officer $22,000; principaland interest at 8% are due in one year; and (3) equipment costing$72,000 was purchased at the beginning of the year forcash.
Prepare journal entries for each of the above transactions.(If no entry is required for a transaction/event, select “Nojournal entry required” in the first account field.)
ReferenceseBook & ResourcesGeneral JournalDifficulty:1 EasyLearning Objective: 02-02Record transactions using the general journalformat.Check mywork
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