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How to make adjusting entry for unearned revenue

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Reference no: EM132315866

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On July 1, 2014, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co., journalize and post the entry on July 1 and the adjusting entry on December 31. how to make adjusting entry for unearned revenue?

Reference no: EM132315866

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