On July 1, 2020, Blue Co. pays $16,080 to Kingbird 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 Kingbird Insurance Co. Kingbird 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 titles and enter O for the amounts. Record Journal entries in the order presented in the problem.) Date July 1 Dec. 31 v Account Titles and Explanation Debit 16000 Credit 16000

On July 1, 2020, Blue Co. pays $16,080 to Kingbird 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 Kingbird Insurance Co. Kingbird 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 titles and enter O for the amounts. Record Journal entries in the order presented in the problem.) Date July 1 Dec. 31 v Account Titles and Explanation Debit 16000 Credit 16000

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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