Question: On July 1 , 2 0 2 7 , Pharoah Co . pays $ 2 0 , 8 0 0 to Sheridan Insurance Co .

On July 1,2027, Pharoah Co. pays $20,800 to Sheridan Insurance Co. for a 4-year insurance contract. Both companies have fiscal
years ending December 31.
For Pharoah 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.)
Prepaid Insurance
On July 1,2027, Pharoah Co. pays $20,800 to Sheridan Insurance Co.

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