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HOMEWORK: CHAPTER 3 PART 2

Question 5

On July 1, 2022, Major Co. pays $15,120 to Mesa Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the annual adjusting entry on December 31 for Mesa Insurance Co. Mesa uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Unearned Service Revenue
choose a transaction date 7/112/3112/31 Bal.	enter a debit amount	choose a transaction date 7/112/3112/31 Bal.	enter a credit amount
choose the end date of the accounting period 7/112/3112/31 Bal.	enter a debit balance	choose the end date of the accounting period 7/112/3112/31 Bal.	enter a credit balance
Service Revenue
choose a transaction date 7/112/3112/31 Bal.	enter a debit amount	choose a transaction date 7/112/3112/31 Bal.	enter a credit amount