On July 1 . Major Co, pays $15,120 to Cruzinsurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31 For Major Coujoumalize and post the entry on July 1 and the adjusting entry on December 31 (Credit account titles are. automatically indented when the amount is entered. Do not indent manually. Record journd entries in the order presented in the problem. Round answers to 0 decimal places, c.s. 5.275.) Prepaid Insurance Insurance Expense eTextbook and Media