On July 1, 2022, Pharoah Company pays $15.000 to Blossom Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is partially correct. For...

need help with Dec 31

Extracted text: On July 1, 2022, Pharoah Company pays $15.000 to Blossom Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is partially correct. For Pharoah Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepaid Inurance 15000 Cash 15.000 Dec. 31: Insuraince Expense Prepaid Isurance