Question: Using the data in BE, journalize and post the entry on July 1 and the adjusting entry on December 31 for Orlow Insurance Co. Orlow

Using the data in BE, journalize and post the entry on July 1 and the adjusting entry on December 31 for Orlow Insurance Co. Orlow uses the accounts Unearned Service Revenue and Service Revenue.
On July 1, 2014, Pizner Co. pays $13,200 to Orlow Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Pizner Co., journalize and post the entry on July 1 and the adjusting entry on December 31.

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