Current Attempt in Progress On July 1, 2022, Carla Vista Co. pays $21,500 to Sandhill Co. for a 2-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 Sandhill Co.. Sandhill 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 Prepaid Insurance eTextbook and Media List of Accounts All WE 2 W E R 16 55 MacBook Pro T Y D Debit Credit 21500 5375 9 I 21500 5375