On July 1, 2022, Cullumber Co. pays $ 22,400 to Pharoa h Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Cullumber 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.)