Brief Exercise 3-4 Your answer is partially correct. Try again. On July 1, 2017,

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Brief Exercise 3-4 Your answer is partially correct. Try again. On July 1, 2017, Blue Co. pays $15,540 to Kingbird Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Kingbird Insurance Co. Kingbird uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 1 Dec. 31

Explanation / Answer

3-4:

3-3:

Date Account Debit Credit Jul.1 Prepaid insurance 15540 Cash 15540 Dec.31 Insurance expense 2590 Prepaid insurance 2590

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