On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance contract. Both cormpanies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically inde when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit Uneamed Service Revenue Service Revenue

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Advertising Expense
Buildings
Cash
Common Stock
Depreciation Expense
Dividends
Equipment
Insurance Expense
Interest Expense
Interest Payable
Land
Maintenance and Repairs Expense
Mortgage Payable
No Entry
Notes Payable
Owner's Capital
Owner's Drawings
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Service Revenue
Subscription Revenue
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Utilities Expense
Transcribed Image Text:Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Common Stock Depreciation Expense Dividends Equipment Insurance Expense Interest Expense Interest Payable Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Owner's Capital Owner's Drawings Prepaid Advertising Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Subscription Revenue Supplies Supplies Expense Ticket Revenue Unearned Rent Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Utilities Expense
On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3 year insurance contract. Both cormpanies have fiscal years ending December 31.
Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically inden
when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles
Debit
Credit
Uneamed Service Revenue
Service Reenue
Transcribed Image Text:On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3 year insurance contract. Both cormpanies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically inden when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit Uneamed Service Revenue Service Reenue
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