On July 1, 2019, Blossom Co. pays $19,300 to Sunland Insurance Co. for a 4-year...
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Accounting
On July 1, 2019, Blossom Co. pays $19,300 to Sunland Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)
Date Account Titles and Explanation Debit Credit
Prepaid Insurance
Insurance Expense
Answer & Explanation
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