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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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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