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Adjusting entries help On June 1.2021, Karen Ltd. pays...

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Accounting

Adjusting entries help
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On June 1.2021, Karen Ltd. pays $4,560 to Spruce Insurance Corp. for a one-year insurance policy. Both companies have scal years ending December 31 and adjust their accounts annually Prepare the adjusting entry required on December 31 by (1) Karen and (2) Spruce. (List all debit entries before credit entries. Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (1) Karen Ltd. Date Account Titles and Explanation Debit Credit Dec. 31 Prepaid Insurance 1,900 Cash 1.900 (2) Spruce Insurance Corr. Date Account Titles and Explanation Debit Credit Dec. 31 Cash 1.900 Unearned Revenue 1900

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