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On July 1, 2021, Sheridan Company buys a three-year insurance policy for $14,040. Sheridan Company...

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Accounting

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On July 1, 2021, Sheridan Company buys a three-year insurance policy for $14,040. Sheridan Company has a December 31 year end. Journalize the purchase of the insurance policy. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit July 1 Prepare the year end adjusting entry for the amount of insurance expired. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Round answers to the nearest whole dollar, es: 5,275) Date Account Titles and Explanation Debit Credit Dec. 31

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