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Can someone please give me a step by step way to do this? On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co.
Can someone please give me a step by step way to do this?
On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31
Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (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.) Account Titles Credit Debit Date Unearned Service Revenue July 1 14400 14400 Cash Dec. 31 Insurance Expense 2400 CASH 2400 Unearned Service Revenue 7/1 12/31 14400 2400 12/31 Bal. 12/31 Bal. 12000 Service Revenue 14400 12/31 7/1 12000 0pen Show Work Click if you would like to Show Work for thisStep by Step Solution
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