Brief Exercise 4-6 (Part Level Submission) On July 1, 2014, Seng Co. pays $14,600 to Nance Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a) For Seng Co., journalize the entry on July 1 and adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Dec. 31