Current Attempt in Progress

On July $1,2022,$ Blossom Company pays $$11,160$ to Cullumber Company for a $2-$year insurance contract. Both companies have fiscal

years ending December $31.$

$($a$1)$

For Blossom Company, journalize the entry on July $1$ and the annual adjusting entry on December $31.($Record journal entries in

the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not

indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit

Current Attempt in Progress

The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment,

indicate $(1)$ the type of adjusting entry and $(2)$ the related account in the adjusting entry.