CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 3-5 s Your answer is partially correct. Try again. On July 1, 2015, Dobbs Co. pays $16,200 ta Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co., journalize and post the entry on July 1 and the 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 Prepaid Insurance 18600 Cash 18600 tudy Dec 31 insurance Expense 3100 Prepaid Insurance 3100 Prepaid Insurance 18600 12/31 3100 12/31 15500 Insurance Expense