On July 1, 2017, Sunland Company Ltd. pays E14,400 to Orlow Insurance Ltd. for a...
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Accounting
On July 1, 2017, Sunland Company Ltd. pays E14,400 to Orlow Insurance Ltd. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Orlow Insurance Ltd. Orlow uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Uneared Service Revenue Service Revenue
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