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

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