On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer (Used) 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 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not Indent manually.) Credit Debit Date Account Titles and Explanation Prepaid Insurance 18.000 July 1 18.000 Cash 4,500 Dec. 31 Insurance Expense 4500 Prepaid Insurance dz For Blossom Company, post the entries passed on July 1 and December 31. (Post entries in the order of journal entries prese the previous part.) Prepaid Insurance Insurance Expense 7/1 12/31 12/31 Bal d Media