Question
On July 1, 2020, Marin Co. pays $ 15,420 to Headland Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December
On July 1, 2020, Marin Co. pays $ 15,420 to Headland Insurance Co. for a 3-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 Headland Insurance Co. Headland uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
| Date | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| choose a transaction date July 1Dec. 31 | |||
| choose a transaction date July 1Dec. 31 | |||
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Money Banking And Financial Markets
Authors: Stephen Cecchetti, Kermit Schoenholtz
6th Edition
9781260226782
