On July 1, 2025, Cheyenne Co. pays $22,500 to Wildhorse Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is correct. For Cheyenne Co., journalize the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. 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.) Date July 1 Dec. 31 Account Titles and Explanation Prepaid Insurance Cash Insurance Expense Prepaid Insurance eTextbook and Media List of Accounts ||||| Debit 22500 11250 Credit 22500 11250 Assistance Used Attempts: 2 of 3 used

SOLVE PART IN RED

On July 1,2025, Chevenne Co, pays $22,500 to Wildhorse Insurance Co, for a 1-year insurance contract. Both campanjes hive fiscal years ending December 31. (a1) Your answer is correct: For Cheyenne Co, journalize the entry on July 1 and the annual adjusting entry on December 31 . Wust all deblt entries before credit. entries. Record journal entries in the order presented in the problem. If no entry (s required, seiect "No Entry" for the occount theles and enter Ofor the amounts. Oredit account titles are automatically indented when the amount is entered. Do not indent manuallye) 8 Your answer is partially correct. For Cheyenne Ca, post the entries passed on July 1 and December 31. (Post entries in the order of joumal entries presented in the previous part