On July 1, 2012, Israel Co. pays $14,400 to Idonije Insurance Co. for a 3-year insurance contract.

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On July 1, 2012, Israel Co. pays $14,400 to Idonije Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Israel Co., journalize and post the entry on July 1 and the adjusting entry on December 31.

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Accounting Principles

ISBN: 978-0470534793

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Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Oct 24, 2011 07:53 AM

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On July 1, 2012, Israel Co. pays $14,400 to Idonije Insurance Co. for a 3-year insurance contract.

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