On July 1, 2014, Seng Co. pays $12,400 to Nance Insurance Co. for a 2-year insurance contract.

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On July 1, 2014, Seng Co. pays $12,400 to Nance Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Seng Co., journalize and post the entry on July 1 and the adjusting entry on December 31.

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