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Journalize July 1 purchase, & Dec 31 adjustment

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Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Pizner Insurance Co. Pizner uses the accounts Unearned Insurance Revenue and Insurance Revenue.

(BE3-5 On July 1, 2006, Orlow Co. pays $12,000 to Pizner Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Orlow Co., journalize and post the entry on July 1 and the adjusting entry on December 31.)

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Solution Summary

The solution journalizes July 1 purchases and December 31 adjustment.

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Pizner Insurance Co.

July 1 Dr Cash $12,000
Cr Insurance revenue $12,000

Dec 31 Dr Insurance revenue ...

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