On July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Brief Exercise 3-06 Your answer is partially correct. Try again. On July 1, 2020, Pina Colada Corp. pays $19,500 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit July 1 Prepaid Insurance 195001 Cash Dec. 31 Insurance Expense 2 C C 19500 3250 13250 Prepaid Insurance Unearned Service Revenue 19500 3250 12/31 Bal. 16250 Service Revenue 12/31 3250 Click if you would like to Show Work for this question: Open Show Work