On July 1, 2022, Blossom Company pays $14,500 to Cullumber Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 . (a1) For Blossom Company. journalize the entry on July 1 and the annual adjusting entry on December 31 . (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are outomatically indented when the amount is entered. Do not indent manually.)