Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1, 2018, Jiminee Insurance Company sold a one-year insurance policy covering the year ended March 31, 2019. Jiminee collected the full $2,100 on

image text in transcribed

On April 1, 2018, Jiminee Insurance Company sold a one-year insurance policy covering the year ended March 31, 2019. Jiminee collected the full $2,100 on April 1, 2018. Jiminee made the following journal entry to record the receipt of cash in advance (Click the icon to view the journal entry.) Nine months have passed, and Jiminee has made no adjusting entries. Based on these facts, the adjusting entry needed by at December 31, 2018, is Uneamed Revenue 1,575 Insurance Revenue 1,575 Data Table Insurance Revenue 525 Unearned Revenue 525 O C. Insurance Revenue 1,575 Journal Entry Unearned Revenue 1,575 Debit Date Accounts Credit Uneamed Revenue 525 2,100 1 Cash Apr 525 Insurance Revenue 2,100 Unearned Revenue Print Done

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

An Internal Audit

Authors: Mette Marx

1st Edition

0998140910, 978-0998140919

More Books

Students also viewed these Accounting questions