need help with Dec 31

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. (a 1) 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 o 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 nance 15000 15 Dec 31 Insurance Proud IS