Please answer in text form without image Prepare the adjusting entry required on December 31 by (1) Susan and (2) Colada. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. List debit entries before credit entries. If no entry is required,select "No Entry" for the account titles and enter O for the amounts.)(1) Susan Ltd.DateDec. 31Account Titles and ExplanationInsurance ExpenseDec. 31Prepaid Insurance(2) Colada Insurance Corp.Date Account Titles and ExplanationInsurance RevenueDeferred RevenueDebitDebit41304130Show Transcribed TextCreditCredit41304130On June 1, 2024, Susan Ltd. pays $7,080 to Colada Insurance Corp. for a one-year insurance policy. Both companies have fiscal yearsending December 31 and adjust their accounts annually.

Adjusting entry is an entry made at the end of the accounting period to record any unrecorded…

Answered: On June 1, 2024, Susan Ltd. pays $7,080…

On June 1, 2024, Susan Ltd. pays $7,080 to Colada Insurance Corp. for a one-year insurance policy. Both companies have fiscal years ending December 31 and adjust their accounts annually.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.1: Uncollectible Accounts Receivable

Problem 1OYO

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