On July 1, 2012, Israel Co. pays $17,226 to Idonije Insurance Co. for a 3-year i

Question

On July 1, 2012, Israel Co. pays $17,226 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.)

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Date Account/Description Debit Credit July 1 Prepaid InsuranceCashInsurance ExpenseInsurance RevenueAccounts ReceivableAccounts PayableAccrued InsuranceUnearned Insurance Revenue CashPrepaid InsuranceInsurance ExpenseInsurance RevenueAccounts ReceivableAccounts PayableAccrued InsuranceUnearned Insurance Revenue Dec. 31 Insurance ExpensePrepaid InsuranceCashInsurance RevenueAccounts ReceivableAccounts PayableAccrued InsuranceUnearned Insurance Revenue Prepaid InsuranceCashInsurance ExpenseInsurance RevenueAccounts ReceivableAccounts PayableAccrued InsuranceUnearned Insurance Revenue

Explanation / Answer

437

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