Req a. | ||||||
S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
01-Jul | Prepaid insurance | 15,420 | ||||
Cash account | 15,420 | |||||
(for payment of insurance premium) | ||||||
31-Dec | Insurance expense (15,420*6/36) | 2,570 | ||||
Prepaid insurance | 2,570 | |||||
(for insurance premium expired for 6 months) | ||||||
Req b. | ||||||
S.no. | Accounts title and explanations | Debit $ | Credit $ | |||
01-Jul | Cash account | 14,760 | ||||
Unearned service revenue | 14,760 | |||||
(for premium received in advance) | ||||||
31-Dec | Unearned service revenue | 2,460 | ||||
Service revenue (14,760*6/36) | 2,460 | |||||
(for premium recognized as income for expired period) |
- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder...
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.)...
thank you On July 1, 2020, Dobbs Co. pays $14,400 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...
Brief Exercise 3-4 On July 1, 2017, Splish Co. pays $14,760 to Blossom 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 Blossom Insurance Co. Blossom 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...
On July 1, 2020, Dobbs Co. pays $14,400 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.)
CALCULATOR PRINTER VERSION HACK NEXT Brief Exercise 3-06 On July 1, 2020, Splish Brothers Inc, pays $24,900 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 Uneared Service Revenue and Service Revenue (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal...
The red are incorrect Brief Exercise 3-6 Your answer is partially correct. Try again. On July 1, 2019, Metlock, Inc. pays $16,500 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...
On July 1, 2019, Sunland Co. pays $15,500 to Cheyenne Insurance Co. for a 4-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 Cheyenne Insurance Co. Cheyenne 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. Round...
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Brief Exercise 3-06 On July 1, 2019, Oriole Co. pays $19,500 to Sheffield Insurance Co, for a 4-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 Sheffield Insurance Co. Sheffield 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...
On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Blossom Company. Blossom uses 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 for the amounts. Credit account titles...