On July 1, 2025, Wildhorse Co. pays $16,800 to Monty Insurance Co. for a 2-year insurance...

 

Transcribed Image Text:

On July 1, 2025, Wildhorse Co. pays $16,800 to Monty Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Journalize the entry on July 1 and the adjusting entry on December 31 for Monty Insurance Co. Monty uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) On July 1, 2025, Wildhorse Co. pays $16,800 to Monty Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Journalize the entry on July 1 and the adjusting entry on December 31 for Monty Insurance Co. Monty uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answer rating: 100% (QA)

Sure based on the information in the image on July 1 2022 Walden Co pays 16000 to Monty Insurance Co ... View the full answer