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On July 1, 2022. Crane Company pays $ 19,000 to Oriole Company for a 2-year insurance contract

On July 1, 2022. Crane Company pays $ 19,000 to Oriole Company for a 2-year insurance contract. Both companies have fiscal years ending December 31.


Journatize the entry on July 1 and the adjusting entry on December 31 for Oriole Company. Oriole uses the accounts Unearned Service Revenue and Service Revenue. (Record joumal entries in the order presented in the probiem. If no entry is required, select " No Entry" for the account titles and enter 0 for the amounts. Credit account tities are automatically indented when the amount isentered. Donot indent manually)


On July 1, 2022. Crane Company pays $19,000 to Oriole Company for a 2-year insurance contract. Both companies have fiscal yea

-/1 View Policies Current Attempt in Progress On July 1, 2022, Crane Company pays $19,000 to Oriole Company for a 2-year insu


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Answer #1

PLease rate the answer
Answer

Date Particulars Debit Credit
1 July Cash Dr. 19000
Unearned Service Revenue 19000
(To record cash received in advance for services)
31 Decemeber Unearned Service Revenue Dr. 4750
Service Revenue 4750
(To record adjusting entry)


THe total revenue of 19000 is for 2 years. We have taken 1.5 year's advance
Revenue for this year
= 1/4 * 19000
= 4750 $

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Answer #2

For answer 1 everything is right except the particulars. Its

Prepaid Insurance

Cash

Insurance Expense

Prepaid Insurance

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Answer #3

Both answers 1 and 2 are correct. It all depends on the question you get. Just try both and see which one comes out correct.

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