On July 1, 2022, Oriole Company pays $14,000 to Carla Vista Co. 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 Carla Vista Co.. Carla Vista uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Post the entry on July 1 and the adjusting entry on December 31 for Carla Vista Co.. (Post entries in the order of journal entries presented in the previous part.) Unearned Service Revenue Service Revenue

On July 1, 2022, Oriole Company pays $14,000 to Carla Vista Co. 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 Carla Vista Co.. Carla Vista uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Post the entry on July 1 and the adjusting entry on December 31 for Carla Vista Co.. (Post entries in the order of journal entries presented in the previous part.) Unearned Service Revenue Service Revenue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sheffield Corporation obtained a franchise from Sage Hill Inc. for a cash payment of $96,000 on April 1, 2025. The franchise grants Sheffield the right to sell certain products and services for a period of 8 years. Prepare Sheffield's April 1 journal entry and December 31 adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation eTextbook and Media List of Accounts. Debit Credit
On July 1, 2025, Novak Co. pays $10,200 to Splish Insurance Co. for a 2-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 Splish Insurance Co. Splish 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. List all debit entries before credit entries.) Date July 1 Dec. 31 Account Titles and Explanation Prepaid Insurance Cash Service Revenue Unearned Service Revenue Debit 10200 2550 Credit 10200 2550
Under Fierce Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended December 31, 2020 is as follows: Prepaid insurance, beg. P150,000 Renewal of insurance charged to expense during the year applicable for the period April 1, 2020-2021 is P500,000. What is the insurance expense using the accrual basis accounting?
Vishnu
On July 1, 2022, Ivanhoe Company pays $ 15,500 to Sandhill Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. Sandhill 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a…
On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date July 1Dec. 31 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date July 1Dec. 31 enter an account title enter a…
At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,500 (credit) before adjustment. The company estimates future uncollectible accounts to be $7,500. What adjusting entry would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a) Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company. Pharoah 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-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 Sunland Company. Sunland 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)