On July 1, 2025, Flint Co. pays $24,000 to Cullumber Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer Correct Answer (Used) For Flint Co., journalize the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. 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. 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 v Insurance Expense Prepaid Insurance Debit Credit 24,000 12,000 24.00 12,00