On July 1, 2022, Oriole Co. pays $15,200 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 annual adjusting entry on December 31 for Sheffield Insurance Co. Sheffield uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. 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.) Date July 1 Dec. 31 Account Titles and Explanation Unearned Service Revenue 7/1 12/31 Bal. Service Revenue 12/31 Debit 15200 1900 15200 100 Credit 15200 1900
On July 1, 2022, Oriole Co. pays $15,200 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 annual adjusting entry on December 31 for Sheffield Insurance Co. Sheffield uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. 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.) Date July 1 Dec. 31 Account Titles and Explanation Unearned Service Revenue 7/1 12/31 Bal. Service Revenue 12/31 Debit 15200 1900 15200 100 Credit 15200 1900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 1, 2022, Oriole Co. pays $15,200 to Sheffield Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31.
Journalize and
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Date
On July 1, 2022, Oriole Co. pays $15,200 to Sheffield Insurance Co. for a 4-year insurance contract. Both companies have fiscal years
ending December 31.
July 1
Journalize and post the entry on July 1 and the annual adjusting entry on December 31 for Sheffield Insurance Co. Sheffield uses the
accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. 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.)
Dec. 31
<
Account Titles and Explanation
Unearned Service Revenue
7/1
12/31 Bal.
Service Revenue
12/31
Debit
15200
15200
0.91/2
1900
00
|||
Credit
⠀
15200
1900
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