On July 1, 2022, Blossom Co. pays $12,000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit July 1 Prepaid Insurance 12,000 Cash Dec. 31 v Insurance Expense 12/31 Prepaid Insurance Prepaid Insurance 1,500 7/1 12,000 12/31 Bal 10,500 Insurance Expense 12/31 1,500 1,500 Credit 12,000 1.500