On July 1, 2017, oriole company pays $20,000 to Pharaoh company for a 2-year insurance contract. Both companies have fiscal years ending December 31. For oriole company, 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 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.)