Question

Current Attempt in Progress On July 1, 2020, Sandhill Co.pays $10,200 to Teal Insurance Co.for a 2-year insurance policy. Both companies have fiscal years ending December 31. For Sandhill Cojournalize the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for later Attempts: 0 of 3 used Submit Answer MacBook Pro Buscar o escribir URL $ 4 % 5 3 6 7 8 9 W E R T Y U O Р S D F G Н. J K к L > C V B N 1 м

Answer 1

Answer
Date	Account	Debit	Credit
Jul-01	Prepaid Insurance	$     10,200
	Cash		$     10,200
	( To record prepaid insurance )
Dec-31	Insurance expense	$       2,550
	Prepaid Insurance		$       2,550
	(10,200/24 months) * 6 months
	( To record Insurance expense )