On July 1,2022, Carla Vista Co. pays $14,632 tosandhill Co. for a 2-year insurance contract....
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On July 1,2022, Carla Vista Co. pays $14,632 tosandhill Co. for a 2-year insurance contract. Both companies have fiscal years December 31. Your answer is correct. Journalize the entry on July 1 and the annual adjusting entry on December 31 for Sandhill Co. Sandhill uses the accounts Unearned Service Revenue and Service Revenue. (Record joumal entries in the order presented in the problem. Credit account titles automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry ' for the account tit and enter 0 for the amounts
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