on july 1,2019, crane co. pays $18000 to Bramble Insurance Co, for a 4 years insurance...

on july 1,2019, crane co. pays $18000 to Bramble Insurance Co, for a 4 years insurance contract. Both companies have fiscal years ending December 31. journalize and post entry on july 1 and adjusting entry on December 21 for Bramble Insurance Co Bramble uses the account Unearned Service Revenue and service revenue.

Expert Solution

Date	Account Titles and Explanation	Debit	Credit
July 1	Cash	$18,000
	Unearned Service Revenue		$18,000

December 31	Unearned Service revenue	$2,250
	Service revenue (18000*6/48)		$2, 250

ekkarill92 answered 2 years ago

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