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On July 1, 2020, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fi scal years ending December

On July 1, 2020, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fi scal years ending December 31. For Crowe Co., journalize the entry on July 1 and the adjusting entry on December 31.

, journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Service Revenue and Service Revenue

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