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  3. on july 1, 2025, pharoah co. pays $19,920 to river

On July 1, 2025, Pharoah Co. pays $19,920 to Riverbed Insurance Co. for a 2-year...

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Accounting

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On July 1, 2025, Pharoah Co. pays $19,920 to Riverbed Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31 . (a1) Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Riverbed Insurance Co. Riverbed uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entriak before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are outomatically indented when the amount is entered. Do not indent manually.) Post the entry on July 1 and the adjusting entry on December 31 for Riverbed Insurance Co. (Post entries in the order of journal entries presented in the previous part.)

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