On July 1,2025 , Concord Co. pays $12,960 to Cullumber Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is correct. For Concord 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) For Concord Co., post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.)