On July 1, 2022, Wildhorse Co. pays $13,000 to Blossom Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31 For Wildhorse Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation July 1 Prepaid Insurance Cash Dec 31 Insurance Expense Prepaid Insurance Debit 13000 Credit 13000