accounting question please answer thank you 454261
Aug 29, 2021 | Uncategorized
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On July 1, 2014, Seng Co. pays $15,900 to Nance Insurance Co. for a 2 year insurance contract. Both companies have fiscal years ending December 31.
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For Seng Co., journalize the entry on July 1 and adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
| Date |
Account Titles and Explanation |
Debit |
Credit |
| July 1 |
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| Dec. 31 |
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| Show List of Accounts |
| Link to Text |
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For Seng Co., post the entries passed on on July 1 and on December 31.
| Prepaid Insurance |
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| Insurance Expense |
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| Show List of Accounts |
| Link to Text |
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