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On July 1, 2022. Carla Vista Co. pays $16,000 to Sheridan Company for a 1-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 Sheridan Company. Sheridan uses the accounts Unearned Service Revenue and Service Revenue.

Post the entry on July 1 and the adjusting entry on December 31 for Sheridan Company.

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