tice Assignment Gradebook HION Down ment CALCULATOR FULL SCREEN PRINTER VERSION BACK NE Brief Exercise 3-5 Your answer is partially correct. Try again. On July 1, 2015, Dobbs Co. pays $16,200 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Date Credit July 1 Prepaid Insurance 18600 Cash 18600 dy Dec. 31 Insurance Expense 3100 Prepaid Insurance 3100 Prepaid Insurance 7/1 18600 12/31 3100 12/31 15500 Insurance Expense