On July 1, 2007, Lumas Co. pays $14,800 to Patel Insurance Co. for a 2-year insurance contract.
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On July 1, 2007, Lumas Co. pays $14,800 to Patel Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Lumas Co.
journalize and post the entry on July 1 and the adjusting entry on December 31.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9780471730514
4th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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