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On July 1, 2022, Major Co. pays $18,000 to Cruz Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

On July 1, 2022, Major Co. pays $18,000 to 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 adjusting entry on December 31. please answer this question fast need to submit it :)

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