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On July 1, 2025, Sheridan Co. pays $20400 to Culver Insurance Co. for a 2 year insurance contract. Both companies have fiscal years ending December

On July 1, 2025, Sheridan Co. pays $20400 to Culver Insurance Co. for a 2 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 Culver Insurance Co.

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