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On July 1, 2022, Sheridan Company pays $12,500 to Oriole Company for a 2-year insurance...

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Accounting

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On July 1, 2022, Sheridan Company pays $12,500 to Oriole Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Oriole Company. Oriole 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 Account Titles and Explanation Debit Credit July 1 12500 12500 Dec. 31 3125 3125 Post the entry on July 1 and the adjusting entry on December 31 for Oriole Company. (Post entries in the order of journal entries presented in the previous part.) Unearned Service Revenue Service Revenue

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