Adjusting entry
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Problem 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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Problem 6:
Using the data in problem 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.
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This provides the steps for adjusting entry.
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Problem 5
Prepaid Insurance A/c Dr. 12000
To Cash A/c 12000
(Being cash paid for 3 year insurance ...
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