On July 1, 2010, Noble Co. pays $10,800 to Russo Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Russo Insurance Co. Russo uses the accounts Unearned Insurance Revenue and Insurance Revenue.
I'm having big problems with these
I'm having big problems with these