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Journalize the entry on July and adjusting entry on December

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Reference no: EM132669300

Question - On July 1, 2022, Sheridan Co. pays $13,144 to Wildhorse Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31.

Journalize the entry on July 1 and the adjusting entry on December 31 for Wildhorse Co. Wildhorse uses the accounts Unearned Service Revenue and Service Revenue.

Reference no: EM132669300

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