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QUESTION
On July 1, 2017, Oriole Co. pays $16,140 to Waterway Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December...
On July 1, 2017, Oriole Co. pays $16,140 to Waterway Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Oriole Co., journalize the entry on July 1 and the adjusting entry on December 31.
