For Sandhill Co..journalize the entry on July 1 and the annual adjusting entry on December 31 . (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manualty.) For Sandhill Co., post the entry on July 1 and the annual adjusting entry on December 31 . (Post entries in the order of journal entries presented in the previous part) On July 1, 2022, Sandhill Co. pays $12,152 to Pharoah Company for a 2-year insurance contract. Both companies have fiscal years ending December 31