The necessary adjusting entry for Huskies Insurance at its year-end of December 31 is: a. Debit Revenue expense $7000; Credit Accumulated depreciation $7000.
<h3>Adjusting entry</h3>
huskies insurance company journal entries
a. Debit Revenue expense $7000
Credit Accumulated depreciation $7000
b. Debit Interest receivable $1750
Credit Interest payable $1750
($50,000×7%×6/12)
c. Debit Deferred revenue $4000
Credit Service revenue $4000
($16000×3/12)
Effect on net income
Higher $7000
Lower $1750
Lower $4000
Inconclusion the necessary adjusting entry for Huskies Insurance at its year-end of December 31 is: a. Debit Revenue expense $7000; Credit Accumulated depreciation $7000.
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