On July 1. 2019, Pharoah Co. pays $17,200 to Wildhorse Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Plaroah Co. iournakize 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. Record journal entries in the order presented in the problem. Round answers to 0 decimal ploces, e. 5,275)