presented in the problem.) Date July 1 V Dec 31 v Account Titles and Explanation Prepaid Insurance Cash Insurance Expense List of Accounts Prepaid Insurance eTextbook and Media Prepaid Insurance Insurance Expense Debit 15120 1890 Credit 15120 1890

On July 1, 2022, Major Co, pays $15,120 to Mesa Insurance Ca. for a 4 year irsurance contract. Both companies have fiscal years endine December 31 . For Major Co, journalize and post the entry on fuly 1 and the annual adjusting entry on December 31 . Qhst oll debit entries before cedit entries. Credit occount ticies are outomotically indented when the omount is entered. Do not indent manuilly. Record joumal entries in the order presented in the probiem