Question: On July 1 , 2 0 2 2 , Sandhill Co . pays $ 2 9 , 8 0 0 to Whispering Insurance Co .

On July 1,2022, Sandhill Co. pays $29,800 to Whispering Insurance Co. for a 4-year insurance contract. Both companies have fiscal
years ending December 31.
For Sandhill Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31.(List all debit entries before
credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in
the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Prepaid Insurance
Insurance Expense
On July 1,2022, Sandhill Co. pays $29,800 to Whispering Insurance Co.

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