**I just need help with the boxes outlined in red under pre-paid insurance. Thank you**

Send to Gradebook Question 4 On July 1,2017,Pharoah Company pays $21,00 to Carla V ista Co.for a 1-year insurance contract. Both companies have fiscal years ending December 31 Your answer is partially correct. ah Company,journalize the entry on July 1 and adjusting entry on December 31.(Recordjournal entries in the order presented in the probiem. Ifno entry is require Entry"for the account titles and enter for the amounts, Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit uly 1 Prepaid Insurance 21,000 21,000 Dec. 31 Insur arce Expenso 10,500 Prepald Insurance 10,500 cTextbook and Media List of Accounts 0 Type hereto search Pgup 0 n Alt List of Accounts Your answer is partially correct. For Pharoah Company, post the entries passed on July 1 and December 31. (os t entries in the order of journal entries presented in the previous part Prepaid Insurance 21,000 12/31 21,000 12/31 Bal. 0500 Insurance Expense 12/31 10500 eTextbook and Media List of Accounts Attempts: 2 of Send to Gradebook Type here to search PrtScn Home End 4 5 0 N M