On July 1, 2019, Crane Co. pays $16,600 to Bramble Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Crane Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 Prepaid Insurance 16,600 Cash 16,600 x Dec. 31 Insurance Expense 4150 Prepaid Insurance 4150 Prepaid Insurance 7/1 16,600||| 12/31 4150 12/31 Bal. 12450 Insurance Expense 12/31 4150