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On July 1, 2017, Oriole Co. pays $9,800 to Waterway Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31.

On July 1, 2017, Oriole Co. pays $9,800 to Waterway Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Waterway Insurance Co. Waterway uses the accounts Unearned Service Revenue and Service Revenue.

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