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Posted on Jul 29, 2024

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.

Journalize the entry on July 1 and the adjusting entry on December 31 for Nance Insurance Co. Nance uses the accounts Unearned Service Revenue and Service Revenue.

Post the entry on July 1 and the adjusting entry on December 31 for Nance Insurance Co.

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