On July 1, 2017, Grouper Co. pays $13,740 to Monty Insurance Co. for a 3-year...
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Accounting
On July 1, 2017, Grouper Co. pays $13,740 to Monty Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Grouper Co., journalize the entry on July 1 and the adjusting entry on December 31.
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