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Answer:

Ling Col journalize entry on July 1 and adjustments on December 31

1/07/2017 Debit - Prepaid Insurance  12,400

                       Credit - Cash Account      12,400

31/12/2017 Debit - Insurance Expense 3,100

                       Credit - Prepaid Insurance3,100

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abiolataiwo2015

The journal entry  on July 1 and Dec 31 are :

Marsh Insurance Co. Journal entries

Jul. 01, 2017

Dr Prepaid Insurance $12,400  

Cr Cash  $12,400

(To record  Prepaid Insurance)

Dec 31 ,2017

Dr Insurance expense $3,100

Cr Prepaid insurance $3,100

[($12,400*6/12)/2]

(July 1 to Dec 31 ) will gives us  6months

( To record Insurance expense )

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