On July 1, 2022, Wildhorse Co. pays $19,500 to Blossom Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is correct. 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. If no entry is required, select "No Entry for when the amount is entered. Do not indent many Date Account Titles and Explanation Debit Credit July 1 Prepaid Insurance 19900 Cash 19500 Dec 31 - Insurance Expense 4873 Prepaid Insurance D 4875 e Textbook and Media List of Accounts (a2) For Wildhorse Co., post the entries passed on July 1 and December 31. Past entries in the order of journal entries presented in the previous part) Prepaid Insurance Insurance Expense