On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract. Both companies have fiscal yearsending December 31.For Ivanhoe Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automaticaIndented when the amount Is entered. Do not Indent manually. Record journal entries in the order presented In the problem.Round answers to 0 decimal places, e.g. 5,275.)DateAccount Titles and ExplanationDebitCreditJuly 1 v Prepaid Insurance27000Cash27000Dec. 31 v Insurance ExpensePrepaid InsurancePrepaid Insurance

Given, Ivanhoe company insurance paid = $27000 of 4 year insurance contract on 1st July 2019, which…

On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Ivanhoe Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account tities are automatic Indented when the amount Is entered. Do not Indent manually. Record journal entries In the order presented In the problem. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 v Prepaid Insurance 27000 Cash 27000 Dec. 31 v Insurance Expense Prepaid Insurance

On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Ivanhoe Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account tities are automatic Indented when the amount Is entered. Do not Indent manually. Record journal entries In the order presented In the problem. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 v Prepaid Insurance 27000 Cash 27000 Dec. 31 v Insurance Expense Prepaid Insurance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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