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On July 1, 2010, Crowe Co. pays $19,088 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.
On July 1, 2010, Crowe Co. pays $19,088 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.) Date Description/Account Debit Credit
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