On July $1,2022,$ Pharoah Company pays $$24,000$ to Crane Company for a $1-$year insurance contract. Both companies have fiscal years ending December $31.$

$($a$1)$

For Pharoah Company, journalize the entry on July $1$ and the annual 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 $0$ 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

choose a transaction date

July $1$

Correct answer

enter an account title

Accounts Receivable

Incorrect answer

enter a debit amount

$24000$

Correct answer

enter a credit amount

Correct answer

enter an account title

Service Revenue

Incorrect answer

enter a debit amount

Correct answer

enter a credit amount

$24000$

Correct answer

choose a transaction date

Dec. $31$

Correct answer

enter an account title

Cash

Incorrect answer

enter a debit amount

$24000$

Incorrect answer

enter a credit amount

Incorrect answer

enter an account title

Accounts Receivable

Incorrect answer

enter a debit amount

Incorrect answer

enter a credit amount

$24000$

Incorrect answer

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