Question 4 On July 1, 2019, Sandhill Co. pays $16,500 to Whispering Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Whispering Insurance Co. Whispering uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically Indented when the amount Is entered. Do not Indent manually. Record journal entries In the order presented In the problem. Round answers to 0 decimal places, e.g. 5,275.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question 4
On July 1, 2019, Sandhill Co. pays $16,500 to Whispering Insurance Co. for a 4-year insurance contract. Both companies have fiscal years
ending December 31.
Journalize and post the entry on July 1 and the adjusting entry on December 31 for Whispering Insurance Co. Whispering uses the accounts
Unearned Service Revenue and Service Revenue. (Credit account titles are automatically Indented when the amount is entered. Do
not Indent manually. Record journal entries In the order presented In the problem. Round answers to 0 decimal places, e.g.
5,275.)
Date
Account Titles and Explanation
Debit
Credit
July 1
v Cash
16500
Transcribed Image Text:Question 4 On July 1, 2019, Sandhill Co. pays $16,500 to Whispering Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Whispering Insurance Co. Whispering uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Record journal entries In the order presented In the problem. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 v Cash 16500
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