On July 1 2010 Spahn Co. pays $18000 to Randle Insurance Co. for a 3-year insura

On July 1 2010 Spahn Co. pays $18000 to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Prepare the journal entry on July 1 and the adjusting entry on December 31 for Randle Insurance Co.Date Account/Description Debit CreditJuly 1Dec. 31Using T accounts enter the balances in the accounts below post the adjusting entry as necessary and indicate the adjusted balance in each account. (If there is no transaction enter NA as the date and 0 for the amount. Do not leave any fields blank.)Unearned Insurance Revenue12/31 Bal. 12/31 Bal.Insurance RevenueUsing T accounts enter the balances in the accounts below post the adjusting entry as necessary and indicate the adjusted balance in each account. (If there is no transaction enter NA as the date and 0 for the amount. Do not leave any fields blank.)Unearned Insurance Revenue12/31 Bal. 12/31 Bal.Insurance Revenue