On Jaly 1, 2022, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ling Co., journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit For Ling Co.. post the entry on July 1 and the annual adjusting entry on December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance Insurance Expense