Brief Exercise 4-5 (Part Level Submission)

On June 1, 2018, Bere Ltd. pays $7,080 to Safety Insurance Corp. for a one-year insurance policy. Both companies have fiscal years ending December 31 and adjust their accounts annually.

(d) Your answer is partially correct. Try again. Post the above entries and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in the previous question.) Bere Ltd. Prepaid Insurance June 1 June 1 T 7080] Dec. 31 Adj. 4130 Dec. 31 Bal. 2950 Insurance Expense Dec. 31 Adj. 4130 (Dec. 31 adj. 4130 L J U . Dec. 31 Bal.-1 T 4130 I Safety Insurance Corp. Unearned Revenue Dec. 31 Adj. 4130 June 1 7080 Dec. 31 Bal. 2950 Insurance Revenue G Dec. 31 Adj.) 4130) C T Dec. 31 Adj. TU Dec. 31 Bal. Dec. 31 Adj. - 4130 4130