On July 1, 2018, Jeffrey Underwriters Associates received $8,000 from a client for a 2-year insurance policy. Prepare the necessary journal entries for Jeffrey Underwriters Associates on July 1 and December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 1 Cash 8,000 8,000 Dec. 31