Assume that on February 1, Procter \& Gamble (P\&G) paid \$712,320 in advance for 2 years' insurance coverage. Prepare P\&G's =ebruary 1 journal entry and the annual adjusting entry on June 30. (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 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)