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On July 1, 2022, Sheridan Company pays $18,500 to Wildhorse Co.for a 2-year insurance contract....

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Accounting

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On July 1, 2022, Sheridan Company pays $18,500 to Wildhorse Co.for a 2-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 Wildhorse Co. Wildhorse 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 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 e Textbook and Media List of Accounts Post the entry on July 1 and the adjusting entry on December 31 for Wildhorse Co.. (Post entries in the order of Journal entrles presented in the previous part.) Unearned Service Revenue Service Revenue

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