Accounting Cycle Review BE 0-17 2-year insurance contract. Both companies have fiscal years ending December 31 On July 1, 2017, Ling Co. pays $12,400 to Marsh Insurance Co. for For Ling Co., journalize the entry on July 1 and 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.) Account Titles and Explanation Credit Date Debit For Ling Co., post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance Insurance Expense SHOW LIST OF ACCOUNTS LINK TO TEXT