on July 1 pharaoh cape pharaoh company post the entries passed on July 1 and December

nment CALCULATORFULL SCREEN Brief Exercise 4-6 On July 1, 2017, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. Try again For Pharoah Company, journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the proble select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically Indented when the amount is ente Date Account Titles and Explanation Debit Credit Juy 1 Prepaid Insurance 24000 24000 Cash 12032.87 Dec. 31 Insurance Expense 12032.87 Prepaid Insurance SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL