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On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance...

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Accounting

On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Blossom Company. Blossom uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date 46 Account Titles and Explanation 1) Debit Credit
PLEASE DO PART 1 and 2 fill all the blanks.
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Dn July 1,2022, Sandhill Co, pays $23,000 to Blossom Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Blossom Company. Blossom uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Post the entry on July 1 and the adjusting entry on December 31 for Blossom Company. (Post entries in the order of journal entries presented in the previous part.)

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