apps detail
Looking for more tutorials?

Tutorial   20706

On July 1, 2012, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. ...

Question:

On July 1, 2012, Crowe Co. pays $15,000 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

Required:

Journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Insurance Revenue and Insurance Revenue.