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On July 1,2022 Crane Co, pays $18,200 to Novak insurance Co for a 4 -year...

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Accounting

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On July 1,2022 Crane Co, pays $18,200 to Novak insurance Co for a 4 -year insurance contract. Both companies have fiscal years ending December 31. For Crane Co. journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Credit account titles are outomotically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the probiem

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