Business, 19.03.2020 09:04, Beltrand504

On July 1, 2019, Cullumber Company pays $12,000 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Cullumber Company, journalize and post the entry on July 1 and the annual adjusting entry on December 31. For Blossom Company, journalize and post the entry on July 1 and the annual adjusting entry on December 31.

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On July 1, 2019, Cullumber Company pays $12,000 to Kalter Insurance Co. for a 3-year insurance contr...