On July 1, 2014, Crowe Co. pays $30,000 to Zubin Insurance Co. for a 3-year insurance policy…. 1 answer below »

On July 1, 2014, Crowe Co. pays $30,000 to Zubin Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Service Revenue and Service Revenue.