On July 1, 2022, Pharoah Co. pays $10,800 to Sheridan Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Pharoah Co, enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Com. Stock Cash Prepd. Ins. Jul. 1 Dec. 31 Adj. Bal. On July 1, 2022. Pharoah Co. pays $10,800 to Sheridan Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Pharoah Co., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Com. Stock Exp. (Ins.) Div. Rev