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On July 1,2025, Riverbed Co. pays $19,920 to Pharoah Insurance Co, for a 2-year insurance...

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Accounting

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On July 1,2025, Riverbed Co. pays $19,920 to Pharoah Insurance Co, for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is partially correct. For Riverbed Co., journalize the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Record joumal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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