On July 1, 2022, Wildhorse Co. pays $19,500 to Blossom 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 Blossom Company. Blossom 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 O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 19500 Unearned Service Revenue 19500 Unearned Service Revenue 4875 Service Revenue 4875
On July 1, 2022, Wildhorse Co. pays $19,500 to Blossom 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 Blossom Company. Blossom 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 O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 19500 Unearned Service Revenue 19500 Unearned Service Revenue 4875 Service Revenue 4875
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help with unearned service revenue and service revenue.
Transcribed Image Text:On July 1, 2022, Wildhorse Co. pays $19,500 to Blossom 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 Blossom Company. Blossom 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 O for the amounts. Credit account titles are
automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Cash
19500
Unearned Service Revenue
19500
Unearned Service Revenue
4875
Service Revenue
4875
Transcribed Image Text:Post the entry on July 1 and the adjusting entry on December 31 for Blossom Company. (Post entries in the order of
journal entries presented in the previous part.)
Unearned Service Revenue
Service Revenue
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