On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List oll debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit
On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List oll debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years
ending December 31.
For Blossom Co. journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before
credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in
the order presented in the problem)
Debit
Credit
Date
Account Titles and Explanation
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