On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance contract. Both cormpanies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically inde when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit Uneamed Service Revenue Service Revenue
On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance contract. Both cormpanies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically inde when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit Uneamed Service Revenue Service Revenue
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 8EB: On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services....
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