Brief Exercise 4-6 On July 1, 2017, Ivanhoe Company pays $17,500 to Sheridan Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Your answer is correct. For Ivanhoe Company, journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Prepaid Insurance Cash 17500 Dec. 31 Insurance Expense Prepaid Insurance 8750 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT INTERACTIVE TUTORIAL Your answer is partially correct. Try again. For Ivanhoe Company, post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance 8750 17500 17/1 L 8750 (7/1 COCI Insurance Expense 12/31 8750