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Journalize and post the entry on July

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Question - On July 1, 2019, Blossom Co. pays $23,000 to Splish Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31.

Required - Journalize and post the entry on July 1 and the adjusting entry on December 31 for SplishInsurance Co. Splish uses the accounts Unearned Service Revenue and Service Revenue.

Reference no: EM132634572

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