On July 1, 2022, Oriole Co. pays $10,912 to Pharoah Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a) Your answer is correct. For Oriole Co., journalize the entry on July 1 and the annual adjusting entry on December 31. (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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 1 Prepaid Insurance Cash Dec. 31 Insurance Expense Prepaid Insurance eTextbook and Media Debit 10912 2728 Credit 10912 2728 (b) For Oriole Co., post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) eTextbook and Media List of Accounts Prepaid Insurance Insurance Expense