On July 1, 2022, Carla Vista Co. pays $26,600 to Metlock Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Carla Vista 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 July 1 Prepaid Insurance Dec. 31: 7/1 Cash Insurance Expense Prepaid Insurance Prepaid Insurance Debit Credit 26,600 26,600 12/31 : 6650 12/31 Bal. 6650 Insurance Expense 12/31 6650 6,650 26,600 6,650 C A Q ACK Qu ACCE