On July 1, 2022, Carla Vista Co. pays \$11,904 to Sheridan Co. for a 2-year...
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On July 1, 2022, Carla Vista Co. pays \$11,904 to Sheridan Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Post the entry on July 1 and the annual adjusting entry on December 31 for Sheridan Co. (Post entries in the order of journal entries presented in the previous part.)
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On July 1, 2022, Carla Vista Co. pays \$11,904 to Sheridan Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Post the entry on July 1 and the annual adjusting entry on December 31 for Sheridan Co. (Post entries in the order of journal entries presented in the previous part.) 