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On July 1, 2015, Dobbs Co. pays $23,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

On July 1, 2015, Dobbs Co. pays $23,400 to 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 image text in transcribed

Prepaid Insurance 71 12/31 12/31 12/31 Bal nsurance Expense 12/31

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