Assignment Gradebook ORION Downloadable eTextbook CALCULATOR PRINTE Brief Exercise 4-07 (Part Level Submission) On July 1, 2022, Oriole Company pays $20,000 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31 (al) Your answer is correct. For Oriole Company, joumalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amou not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepaid Insurance 20,000 Cash 20,000 Dec. 31 Insurance Expense 5.000 Prepaid Insurance 5,000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION e here to search E W E R. HER VERSTON ALMSJUTUUSUT (2) Your answer is partially correct. Try again. For Oriole Company, 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 7/1 20,000 7/1 20,000 12/31 Bal. 40.000 Insurance Expense 12/31 5,000 Click if you would like to Show Work for this question: Open Show Word SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 4 of 10 used SAVE FOR LATER SUBMIT ANSWER e to search E $ 11:00 PM 9/30/2020