On July 1, 2022. Crane Company pays $ 19,000 to Oriole Company for a 2-year insurance contract. Both companies have fiscal years ending December 31.
Journatize the entry on July 1 and the adjusting entry on December 31 for Oriole Company. Oriole uses the accounts Unearned Service Revenue and Service Revenue. (Record joumal entries in the order presented in the probiem. If no entry is required, select " No Entry" for the account titles and enter 0 for the amounts. Credit account tities are automatically indented when the amount isentered. Donot indent manually)
PLease rate the answer
Answer
Date | Particulars | Debit | Credit | |
1 July | Cash Dr. | 19000 | ||
Unearned Service Revenue | 19000 | |||
|
||||
31 Decemeber | Unearned Service Revenue Dr. | 4750 | ||
Service Revenue | 4750 | |||
|
THe total revenue of 19000 is for 2 years. We have taken 1.5 year's
advance
Revenue for this year
= 1/4 * 19000
= 4750 $
For answer 1 everything is right except the particulars. Its
Prepaid Insurance
Cash
Insurance Expense
Prepaid Insurance
Both answers 1 and 2 are correct. It all depends on the question you get. Just try both and see which one comes out correct.
On July 1, 2022. Crane Company pays $ 19,000 to Oriole Company for a 2-year insurance contract
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