On July 1, 2022, Blossom Company pays $23,500 to Sheridan Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer (Used) - Your answer is partially correct. For Blossom 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 O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

On July 1,2022 , Blossom Company pays $23,500 to Sheridan Company for a 2-year insurance contract. Both companies have fiscal years ending December 31 . (a1) Correct Answer (Used) For Blossom 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 O for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manually.) On July 1, 2022, Blossom Company pays $23,500 to Sheridan Company for a 2-vear insurance contract. Both companies have fiscal vears ending December 31 . (a1) For Blossom Company, journalize the entry on July 1 and the annual adjusting entry on December 31 . (Record joumal entries in the order presented in the problem. If no entry is required, select "No Entry" for the occount titles and enter O for the omounts. Credit account titles are automatically indented when the amount is entered. Do not indent monually