On july 1 2012 ryhn co pays 12400 to craig insurance co for


1. On July 1, 2012, Ryhn Co. pays $12,400 to Craig Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ryhn Co., journalize and post the entry on July 1 and the adjusting entry on December 31. 

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Accounting Basics: On july 1 2012 ryhn co pays 12400 to craig insurance co for
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