On July 1, Wildhorse Co. pays $26,400 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 adjusting entry on December 31 . (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. Round answers to 0 decimal places, eg. 5,275.)