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BE3.6 (LO 2), AP On July 1, 2022, Major Co. pays $15,120 to Mesa Insurance Co. for a 4-year insurance contract. Both companies have fiscal

BE3.6 (LO 2), AP On July 1, 2022, Major Co. pays $15,120 to Mesa Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the annual adjusting entry on December 31 for Mesa Insurance Co. Mesa uses the accounts Unearned Service Revenue and Service Revenue.

Prepare adjusting entries for accruals.

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