Brief Exercise 3-04 On July 1, 2020, Waterway Co. pays $10,960 to Wildhorse Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Wildhorse Insurance Co. Wildhorse uses the accounts Unearned Service Revenue and Service Revenue. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Brief Exercise 3-10 At the end of its first year of operations, the trial balance of Marin Company shows Equipment $27,500 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $1,980. Prepare the adjusting entry for depreciation at 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 o for the amounts.) Account Titles and Explanation Debit Credit Indicate the balance sheet presentation for the equipment at December 31. Marin Company Balance Sheet (Partial)