Question: Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Cruz Insurance Co. Cruz

Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Cruz Insurance Co. Cruz uses the accounts Unearned Service Revenue and Service Revenue.

BE3-5

On July 1, 2017, Major Co. pays $15,120 to Cruz Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Major Co., journalize and post the entry on July 1 and the adjusting entry on December 31.

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