july 1 2010 spahn co pays 18000 randle insurance co 3 year insurance contract both companies

On July 1, 2010, Spahn Co. pays $18,000 to Randle Insurance Co. for a 3 year insurance contract. Both companies have fiscal years ending December 31. Prepare the journal entry on July 1 and the adjusting entry on December 31 for Randle Insurance Co
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