On July 1, 2014, Dobbs Co. pays $22,800 to Kalter Insurance Co. for a 3-year insurance contract.

May 11th, 2015
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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.

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Entry on July 1, 2014prepaid Insurance(debit) $22,800Cash (Credit) $22,800Adjusting entry on Dec 31, 2014Insurance Expense (Debit) $3800prepaid Insurance (Credit) $3800Calculation:3 year insurance=$22800/3=7600insurance for 6 month=7600/12*2=$3800

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