rief Exercise 4-6 n July 1, 2017, Ling Co. pays $7,200 to Cullumber Compan ransaction and the December 31 adjustment in the tabular summary that negative sign (or parentheses) in front of the amount entered for the particular ny for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ling Co, enter the July 1 Asset, Liability or Equity item that was reduced.) t follows.(f a transaction results in a decrease in Assets, Liabilities or Stockholders Equity, place Assets Liabilities + Stockholders' Equity Com Stock+Rev. Exp.Div Cash Prepaid Insurance ul. 1 Dec. 31 Bal