On July 1, 2017, Riverbed Co. pays $20,160 to Marin Insurance Co. for a 4-year insurance...

On July 1, 2017, Riverbed Co. pays $20,160 to Marin Insurance Co. for a 4-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Marin Insurance Co. Marin uses the accounts Unearned Service Revenue and Service Revenue

I am facing a challenge with my account assignment, May you please help me.

Date

Account Titles and Explanation

Debit

Credit

July 1 Cash 20160

Unearned service 20160

Dec 31 Unearned service ?

service Revenue ?

Expert Solution

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Please find below the answer
Statementshowing Computations
Paticulars	Dr	Cr
July 01
Cash Dr	20,160.00
To Unearned Service Revenue		20,160.00
Dec 31
Unearned service revenue Dr	2,520.00
To Service revenue		2,520.00
(20,160/4*2)

ekkarill92 answered 2 years ago

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