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Brief Exercise 3-5 On July 1, 2015, Dobbs Co. pays $18,600 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years

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Brief Exercise 3-5 On July 1, 2015, Dobbs Co. pays $18,600 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 - July 1 Prepaid Insurance Insurance Expense

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