On July 1, 2022, Ivanhoe Company pays $ 15,500 to Sandhill Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. Sandhill uses the accounts Unearned Service Revenue and Service Revenue. (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 choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media Solution List of Accounts Attempts: 3 of 3 used (a2) Post the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. (Post entries in the order of journal entries presented in the previous part.)
On July 1, 2022, Ivanhoe Company pays $ 15,500 to Sandhill Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. Sandhill uses the accounts Unearned Service Revenue and Service Revenue. (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 choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media Solution List of Accounts Attempts: 3 of 3 used (a2) Post the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. (Post entries in the order of journal entries presented in the previous part.)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 4PB: The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year,...
Related questions
Question
On July 1, 2022, Ivanhoe Company pays $ 15,500 to Sandhill Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31.
(a1)
- Your Answer
- Correct Answer
Correct answer icon
Your answer is correct.
Journalize the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. Sandhill uses the accounts Unearned Service Revenue and Service Revenue. (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
|
---|---|---|---|
choose a transaction date
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
eTextbook and Media
Solution
List of Accounts
Attempts: 3 of 3 used
(a2)
Post the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. (Post entries in the order of journal entries presented in the previous part.)
Unearned Service Revenue
|
|||
---|---|---|---|
choose a transaction date |
enter a debit amount
|
choose a transaction date |
enter a credit amount
|
choose the end date of the accounting period |
enter a debit balance
|
choose the end date of the accounting period |
enter a credit balance
|
Service Revenue
|
|||
choose the end date of the accounting period |
enter a debit balance
|
choose the end date of the accounting period |
enter a credit balance
|
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