Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress On July 1, 2025, Blossom Co. pays $ 22,920 to Marigold Insurance Co. for a 1 -year insurance contract. Both companies

Current Attempt in Progress

On July 1, 2025,BlossomCo. pays $22,920toMarigoldInsurance Co. for a1-year insurance contract. Both companies have fiscal years ending December 31.
Journalize the entry on July 1 and the adjusting entry on December 31 forMarigoldInsurance Co.Marigolduses the accounts Unearned Service Revenue and Service Revenue.(List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
choose a transaction date
  • July 1Dec. 31
  • enter an account title
    enter a debit amount
    enter a credit amount
    enter an account title
    enter a debit amount
    enter a credit amount
    choose a transaction date
  • July 1Dec. 31
  • enter an account title
    enter a debit amount
    enter a credit amount
    enter an account title
    enter a debit amount
    enter a credit amount

    eTextbook and Media

    Assistance Used

    List of Accounts

    Post the entry on July 1 and the adjusting entry on December 31 forMarigoldInsurance Co.(Post entries in the order of journal entries presented in the previous part.)
    Unearned Service Revenue
    choose a transaction date
  • 7/112/31 Adj.12/31Bal.
  • enter a debit amount
    choose a transaction date
  • 7/112/31 Adj.12/31Bal.
  • enter a credit amount
    choose the end date of the accounting period
  • 7/112/31 Adj.12/31Bal.
  • enter a debit balance
    choose the end date of the accounting period
  • 7/112/31 Adj.12/31Bal.
  • enter a credit balance
    Service Revenue
    choose a transaction date
  • 7/112/31 Adj.12/31Bal.
  • enter a debit amount
    choose a transaction date
  • 7/112/31 Adj.12/31Bal.
  • enter a credit amount
    choose the end date of the accounting period
  • 7/112/31 Adj.12/31Bal.
  • enter a debit balance
    choose the end date of the accounting period
  • 7/112/31 Adj.12/31Bal.
  • enter a credit balance

    eTextbook and Media

    List of Accounts

    Save for Later
    Last saved 3 minutes ago.
    Attempts: 0 of 3 used
    Submit Answer

    Step by Step Solution

    There are 3 Steps involved in it

    Step: 1

    blur-text-image

    Get Instant Access to Expert-Tailored Solutions

    See step-by-step solutions with expert insights and AI powered tools for academic success

    Step: 2

    blur-text-image

    Step: 3

    blur-text-image

    Ace Your Homework with AI

    Get the answers you need in no time with our AI-driven, step-by-step assistance

    Get Started

    Recommended Textbook for

    Rehabilitation Tax Credit IRS Audit Techniques Guide

    Authors: Internal Revenue Service

    1st Edition

    1304114686, 978-1304114686

    More Books

    Students also viewed these Accounting questions

    Question

    Construct raw frequency tables for race.

    Answered: 1 week ago