On June $1,2024,$ Tammy Ltd$.$ pays $$6,240$ to Colada Insurance Corp. for a one$-$year insurance policy. Both companies have fiscal years

ending December $31$ and adjust their accounts annually.

$($a$)$

Record the June $1$ transaction on the books of $(1)$ Tammy and $(2)$ Colada. $($Credit account titles are automatically indented when

amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts.$)$

$(1)$ Tammy Ltd$.$

Date

Account Titles and Explanation

Debit

Credit

June $1$

$(2)$ Colada Insurance Corp.

Date

Account Titles and Explanation

Debit

Credit

June $1$