On July 1, 2022, Teal NV pays € 14,820 to Flint Insurance 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 Flint Insurance. Flint uses the accounts Unearned Insurance Revenue and Insurance 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 Account Titles and Explanation Debit Credit
On July 1, 2022, Teal NV pays € 14,820 to Flint Insurance 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 Flint Insurance. Flint uses the accounts Unearned Insurance Revenue and Insurance 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 Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On July 1, 2022, Teal NV pays € 14,820 to Flint Insurance 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 Flint Insurance. Flint uses the accounts
Unearned Insurance Revenue and Insurance 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
Account Titles and Explanation
Debit
Credit
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