Brief Exercise 3-05

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Brief Exercise 3-05 On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Ivanhoe Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 Cash Unearned Service Revenue Dec. 31 Cash Service Revenue Prepaid Insurance Insurance Expense Click if you would like to Show Work for this question: Open Show Work