On June 1, 2022, Superior Insurance Company collected $420,000 for a 2-year insurance policy beginning on the same date. The company has a December 31 year end. What is the balance of the unearned revenue account after adjusting entries on December 31, 2023? (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) Group of answer choices $87,500 $297,500 $210,000 $122,500

On June 1, 2022, Superior Insurance Company collected $420,000 for a 2-year insurance policy beginning on the same date. The company has a December 31 year end. What is the balance of the unearned revenue account after adjusting entries on December 31, 2023? (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) Group of answer choices $87,500 $297,500 $210,000 $122,500

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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Do a journal entry based on this transections, round interest amounts to the nearest dollar,