Brief Exercise 4-6 On July 1, 2017, Ling Co. pays $12,720 to Kingbird, Inc. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Stockholders' Equity Cash – Prepaid Insurance Com. Stock + Rev. – Exp. – Div. Jul. 1 Dec. 31 Bal. Click if you would like to Show Work for this question: Open Show Work
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