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 credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media Solution List of Accounts Attempts: 3 of 3 used (a2) Post the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. (Post entries in the order of journal entries presented in the previous part.)

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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(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 credit amount
	enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

Solution

List of Accounts

Attempts: 3 of 3 used

(a2)

Post the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. (Post entries in the order of journal entries presented in the previous part.)

Unearned Service Revenue
choose a transaction date	enter a debit amount	choose a transaction date	enter a credit amount
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance
Service Revenue
choose the end date of the accounting period	enter a debit balance	choose the end date of the accounting period	enter a credit balance