On July 1, 2025, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract.

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On July 1, 2025, 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 and post the entry on July 1 and the annual adjusting entry on December 31.

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Accounting Tools For Business Decision Making

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Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell

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Question Posted: Jun 22, 2023 07:37 AM

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On July 1, 2025, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract.

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Accounting Tools For Business Decision Making

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