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On july 1 , 2 0 2 7 , Pharoah Co . pays 2 0 8 0 0 to Sheridan insurance Co . for a

On july

1, 2027,

Pharoah Co

.

pays

20800

to Sheridan insurance Co

.

for a

4 -

year insurance contract. Both companies have fiscal years ending December

31 .

For Pharoah Co

,,

journalize and post the entry on July

1

and the annual adjusting entry on December

31

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