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Journalize the entry on july and the annual adjusting entry

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Problem 1: On July 1, 2022, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., journalize the entry on July 1 and the annual adjusting entry on December 31.

Reference no: EM132819983

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