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Current Attempt in Progress On July 1, 2022, Sandhill Co. pays $16,500 to Pharoah Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Pharoah Company. Pharoah uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 1 Prepaid Insurance Cash Dec. 31 Insurance Expense es/56494/discussion_topics Prepaid Insurance Debit 16500 4125 Credit 16500 4125