On July 1, 2014,Deng Co. pays $13200 to Nance Insurance Co. for 1 year insurance contract....

On July 1, 2014,Deng Co. pays $13200 to Nance Insurance Co. for 1 year insurance contract. Both companies have physical years ending December 31.
Journalist the entry on July 1 and the adjusting entry on December 31 for Nance Insurance Co. Nance uses the accounts Unearned Service Revenue and Service Revenue.

Expert Solution

Date	General Journal	Debit	Credit
July 1	Cash	$13,200
	Unearned service revenue		$13,200

Dec. 31	Unearned service revenue	$6,600
	Service revenue		$6,600

ekkarill92 answered 2 years ago

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On July 1, 2014,Deng Co. pays $13200 to Nance Insurance Co. for 1 year insurance contract....

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