Current Attempt in Progress !!! On July 1, 2020, Flounder Co. pays $10.760 to Culver Insurance Co for a 2-year insurance policy. Both companies have fiscal years ending December 31. For Flounder 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation July 1 Debit Prepaid Insurance Credit 20760 Cash 10760 Dec 31 V Insurance Expense Prepaid Insurance