On July 1,2020, Marin Co. pays $15,960 to Headland Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Marin Co, journalize the entry on July 1 and the adjusting entry on December 31 . (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter of for the omounts. Record journal entries in the order presented in the problem.)