On July 1, 2025, Riverbed Co. pays $19,920 to Pharoah Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is partially correct. For Riverbed Co. journalize the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. 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) Date July 1 Dec. 31 Account Titles and Explanation Cash Unearned Service Revenue Service Revenue Debit 19920 4980 Credit 1992 498

On July 1, 2025, Riverbed Co. pays $19,920 to Pharoah Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is partially correct. For Riverbed Co. journalize the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. 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) Date July 1 Dec. 31 Account Titles and Explanation Cash Unearned Service Revenue Service Revenue Debit 19920 4980 Credit 1992 498

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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