On July 1 2022, Oriole Company pays $20,000 to Pharoah Company for a 2 year insurance contract. Both companies have fiscal years ending December 31 Your answer is correct. For Oriole 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 20000 Cash 2000 Dec. 31 Insurance Expense 5000 Prepaid Insurance 500 For Oriole 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 7/1 Insurance Expense