On July 1,2022, Pharoah Company pays $11,408 to Blossom Company for a 2 year insurance contract. Both companies have fiscal years ending December 31. (a1) For Pharoah Company, journalize the entry on July 1 and the annual adjusting entry on December 31 . (Record journal entries in the order presented in the problem. Credit occount titles are automatically indented when the amount is entered. Do not indent monually.)