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please help me solve it step by steps On July 1, 2017, Blue Co. pays $13, 860 to Kingbird Insurance Co. for a 3-year insurance

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On July 1, 2017, Blue Co. pays $13, 860 to Kingbird Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Blue Co., journalize the entry on July 1 and the adjusting entry on December 31

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