(Solved): Ask a question... On July 1, 2027, Marin Co. pays \$13,144 to Cullumber Insurance Co. for a 2-year i ...

Ask a question... On July 1, 2027, Marin Co. pays \$13,144 to Cullumber Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) - Your answer is correct. For Marin Co., journalize the July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Prepaid Insurance Cash Insurance Expense Prepaid Insurance For Marin Co., post the July 1 and the annual adjusting entry on December 31. (Post entries in the order of journal entries presented in the previous part.)