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On July 1, 2017, Major Co. pays $27,600to Cruz Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For

On July 1, 2017, Major Co. pays $27,600to Cruz Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

For Major Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31.

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