Question $7$ of $10$

$\frac{0\mathrm{.}25}{0\mathrm{.}5}$

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On July $1,2025,$ Sheffield Co$.$ pays $$14,400$ to Pharoah Insurance Co$.$ for a $1-$year insurance contract. Both companies have fiscal years ending December $31.$

$($a$1)$

Correct Answer

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For Sheffield 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 $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

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For Sheffield 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 $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Prepaid Insurance

For Sheffield Co$.,$ post the entries passed on July $1$ and December $31.($Post entries in the order of journal entries presented in the previous part.$)$

Insurance Expense

For Sheffield Co$.,$ post the entries passed on July $1$ and December $31.($Post entries in the order of journal entries presen previous part.$)$

$\backslash$table$[[,$Prepaid Insurance$],[,,,],[,,,],[,,,],[,,,],[,,,]]$