On July 1, 2022. Cullumber Company pays $17.000 to Crane Company for a 2 year insurance contract. Both companies have fiscal years ending December 31. (21) Your Answer Correct Answer Your answer is correct For Cullumber 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! Date Account Titles and Explanation Debit Credit July 1 ) Prepaid Insurance 17,000 Cash 17.000 Dec 31 01 Insurance Expense Prepaid Insurance 4250 e Textbook and Media List of Accounts Solution Attempts: 3 of 3 used (22) For Cullumber Company. post the entries passed on July 1 and December 31. (Post entries in the order of joumal entries presented in the previous part.) Prepaid Insurance Insurance Expense