On July $1,2025,$ Ling Co$.$ pays $$12,400$ to Marsh Insurance Co$.$ for a $2-$year insurance contract. Both companies have fiscal years ending December $31.$

$($a$1)$

For Ling C$0.,$ journalize the entry on July $1$ and the annual adjusting entry on December $31.($List all 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 $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

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