On July 1, 2022, Sheridan Co. pays $10,168 to Oriole Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the annual adjusting entry on December 31 for Oriole Co. Oriole uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the 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.) Account Titles and Explanation Date July 1 Dec. 31 Debit Credit
On July 1, 2022, Sheridan Co. pays $10,168 to Oriole Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the annual adjusting entry on December 31 for Oriole Co. Oriole uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the 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.) Account Titles and Explanation Date July 1 Dec. 31 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Post the entry on July 1 and the annual adjusting entry on December 31 for Oriole Co. (Post entries in the order of journal entries
presented in the previous part.)
Unearned Service Revenue
Service Revenue
Transcribed Image Text:Current Attempt in Progress
On July 1, 2022, Sheridan Co. pays $10,168 to Oriole Co. for a 2-year insurance contract. Both companies have fiscal years ending
December 31.
Journalize the entry on July 1 and the annual adjusting entry on December 31 for Oriole Co. Oriole uses the accounts Unearned
Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. Credit account titles are
automatically indented when the 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.)
Account Titles and Explanation
Date
.
July 1
Dec. 31
Debit
Credit
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