Enter question here... On July 1, 2012, Israel Co. pays $15,714 to Idonije Insur

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On July 1, 2012, Israel Co. pays $15,714 to Idonije Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending, December 31. For Israel Co., journalize and post the entry on July 1 and the adjusting entry on December 31.

Using T accounts, enter the balances in the accounts below, post the adjusting entry as necessary, and indicate the adjusted balance in each account. (If there is no entry, enter NA for the date and 0 for the amount.)

Date Account/Description Debit Credit July 1 Unearned Insurance RevenueInsurance RevenueInsurance ExpensePrepaid InsuranceAccrued InsuranceAccounts ReceivableAccounts PayableCash Accounts PayableAccounts ReceivablePrepaid InsuranceAccrued InsuranceInsurance ExpenseInsurance RevenueUnearned Insurance RevenueCash Dec. 31 Insurance ExpenseInsurance RevenueAccounts ReceivableAccounts PayableUnearned Insurance RevenueAccrued InsurancePrepaid InsuranceCash Unearned Insurance RevenueAccrued InsuranceInsurance RevenueCashAccounts ReceivableAccounts PayableInsurance ExpensePrepaid Insurance

Explanation / Answer

437

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