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On July 1, 2017, Major Co. pays $15,120 to Cruz Insurance Co. for a 3-year insur- ance contract. Both companies have fiscal years ending December

On July 1, 2017, Major Co. pays $15,120 to Cruz Insurance Co. for a 3-year insur- ance contract. Both companies have fiscal years ending December 31. For Major Co., jour- nalize and post the entry on July 1 and the adjusting entry on December 31.

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