Brief Exercise 4-7 On July 1, 2017, Cullumber Company pays $17,000 to Crane Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. 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