Question: Using the data in BE3-3, journalize the entry on July 1 and the adjusting entry on December 31 for Hindi Insurance Company. Hindi uses the

Using the data in BE3-3, journalize the entry on July 1 and the adjusting entry on December 31 for Hindi Insurance Company. Hindi uses the accounts Unearned Insurance Revenue and Insurance Revenue.

BE3-3

On July 1, 2008, Blair Co. pays $18,000 to Hindi Insurance Company for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Blair Co. journalize the entry on July 1 and the adjusting entry on December 31.

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