Question: On July 1 , 2 0 2 5 , Grouper Co . pays ( $ 2 1 , 8 4 0 )

On July

1, 2025,

Grouper Co

.

pays

\ (\

21, 840 \)

to Sandhill Insurance Co

.

for a

2 -

year insurance contract. Both companies have fiscal years ending December

31 . (

1)

For Grouper Co

. .

journalize the entry on July

1

and the annual adjusting entry on December

31 . (

List oll debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select

"

No Entry" for the account titles and enter Ofor the amounts. Credit account titles are outomatically indented when the amount is entered. Do not indent manually

)

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