Weygandt, Financial Accounting, 10e
Brief Exercise 3-6
On July 1, 2019, Swifty Corporation pays $12,600 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.
Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles
Debit
Credit
Unearned Service Revenue
Service Revenue