Your answer is partially correct. On July 1, 2022, Ivanhoe Co. pays $14,600 to Concord Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Ivanhoe Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation July 1 Prepaid Insurance Cash Dec. 31 Insurance Expense Prepaid Insurance Prepaid Insurance 7/1 14,500 12/31 12/31 eTextbook and Media List of Accounts Save for Later Debit Credit 14,600 1825 12775 12/31 Bal. Insurance Expense 1825 12/31 Bal. 1825 1825 14,600 1825 Attempts: 1 of 3 used Submit Answer