On July 1, 2020, Sheffield Co. pays $13,740 to Tamarisk Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Sheffield Co. journalize the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit