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On July 1, 2014,Deng Co. pays $13200 to Nance Insurance Co. for 1 year insurance contract. Both companies have physical years ending December 31. Journalist

On July 1, 2014,Deng Co. pays $13200 to Nance Insurance Co. for 1 year insurance contract. Both companies have physical years ending December 31. Journalist 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.

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