On July 1, 2022. Wildhorse Co. pays $10,664 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) For Wildhorse Co., journalize the entry on July 1 and the annual adjusting entry on December 31 (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1 Prepaid Insurance Cash Dec 31 Insurance x Prepaid Insurance Save for Later Last saved 17 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Debit Credit 10664 10664 Attempts: 0 of 1 used Submit Answer