Question
Griffin Insurance Company sold a policy that begins on October 1, 20X2 and goes through September 30, 20X3. Cash of $1500 was received on September
Griffin Insurance Company sold a policy that begins on October 1, 20X2 and goes through September 30, 20X3. Cash of $1500 was received on September 29, 20X2 and was recorded as unearned revenue. The entry required at year-end to correctly state unearned revenue account would be ________. Assume no monthly adjusting entries were recorded.
| Unearned Revenue | 1500.00 | |
| Revenue | 1500.00 |
| Cash | 1500.00 | ||
| Revenue | 375.00 | ||
| Unearned Revenue | 1125.00 |
| Revenue | 375.00 |
| Unearned Revenue | 375.00 |
| Unearned Revenue | 375.00 | |
| Revenue | 375.00 |
| Unearned Revenue | 1500.00 | |
| Revenue | 1500.00 |
| Cash | 1500.00 | ||
| Revenue | 375.00 | ||
| Unearned Revenue | 1125.00 |
| Revenue | 375.00 |
| Unearned Revenue | 375.00 |
| Unearned Revenue | 375.00 | |
| Revenue | 375.00 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting
Authors: Libby, Short
6th Edition
978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881
