On July 1, 2025, Blossom Co. pays $12,000 to Swifty Insurance Co. for a 1-year insurance...
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On July 1, 2025, Blossom Co. pays $12,000 to Swifty Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer (Used) Journalize the entry on July 1 and the adjusting entry on December 31 for Swifty Insurance Co. Swifty uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1 Cash Unearned Service Revenue Dec. 31 # Unearned Service Revenue Service Revenue Debit 12,000 6.000 Credit 12,000 6,000 Post the entry on July 1 and the adjusting entry on December 31 for Swifty Insurance Co. (Post entries in the order of journal entries presented in the previous part.) Unearned Service Revenue Service Revenue On July 1, 2025, Blossom Co. pays $12,000 to Swifty Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer (Used) Journalize the entry on July 1 and the adjusting entry on December 31 for Swifty Insurance Co. Swifty uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1 Cash Unearned Service Revenue Dec. 31 # Unearned Service Revenue Service Revenue Debit 12,000 6.000 Credit 12,000 6,000 Post the entry on July 1 and the adjusting entry on December 31 for Swifty Insurance Co. (Post entries in the order of journal entries presented in the previous part.) Unearned Service Revenue Service Revenue
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