On July 1, 2022, Ivanhoe Company pays $13,000 to Sunland Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is correct For Ivanhoe 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 Prepaid Insurance Debit Credit July 1 + 13000 Cash 1300 Dec. 31 murance Expen 6500 Prepaid Insurance 650 For Ivanhoe Company, post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance Insulance Expense eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit