On July 1, 2017, Oriole Company pays $20,000 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company, journalize the entry on July 1 and adjusting entry on December 31. (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 SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL For Oriole Company, post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance Insurance Expense
On July 1, 2017, Oriole Company pays $20,000 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company, journalize the entry on July 1 and adjusting entry on December 31. (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 SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL For Oriole Company, post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance Insurance Expense
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section: Chapter Questions
Problem 1AP
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