on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year...

80.2K

Verified Solution

Question

Accounting

on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31.
Journalize the entry on July 1 and the adjusting entry on December 31 for Novak Insurance Co. Novak uses the accounts
Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. Record journal entries in the order
presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Cash
Unearned Service Revenue
$15,480
Unearned Service Revenue
Service Revenue
eTextbook and Media
List of Accounts
x Your answer is incorrect.
Post the entry on July 1 and the adjusting entry on December 31 for Novak Insurance Co.(Post entries in the order of journal entries
presented in the previous part.)
Unearned Service Revenue
Service Revenueon july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31.on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31.on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31.on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31.on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31.on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31.on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1on july 1,2025, sunland co. pays 15,480 to novak insurance co. for a 1 year insurance contract. Both companies have fiscal years ending december 31. year insurance contract. Both companies have fiscal years ending december 31.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students