On July 1, 2019, Wildhorse Co. pays $16,800to Blossom Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31.

For Wildhorse 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.)