Question
On July 1, 2022,Ivanhoe Companypays $13,000toSunland Companyfor a1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and
On July 1, 2022,Ivanhoe Companypays $13,000toSunland Companyfor a1-year insurance contract. Both companies have fiscal years ending December 31.
Journalize the entry on July 1 and the adjusting entry on December 31 forSunland Company.Sunlanduses the accounts Unearned Service Revenue and Service Revenue.(Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Post the entry on July 1 and the adjusting entry on December 31 forSunland Company.(Post entries in the order of journal entries presented in the previous part.)
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
5th Canadian edition
77429494, 1259105709, 1260480798, 978-1259105708
