On July 1, 2020, Ayayai Co. pays $15,420 to Pina Insurance Co. for a 3-year insurance policy.

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On July 1, 2020, Ayayai Co. pays $15,420 to Pina Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31.

Journalize the entry on July 1 and the adjusting entry on December 31 for Ayayai Insurance Co. Ayayai uses the accounts Unearned Service Revenue and Service Revenue.

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Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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Posted Date: Sep 06, 2020 08:00 PM

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On July 1, 2020, Ayayai Co. pays $15,420 to Pina Insurance Co. for a 3-year insurance policy.

Question:

Date Account Titles Debit Credit Unearned Service Revenue Service Revenue Date Account Titles Debit Credit Unearned Service Revenue Service Revenue

Expert Answer:

1 Journal Entries Date General Journal Debit Credit July ... View the full answer

Financial Accounting

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