On July 1, 2017, Carla Vista Co. pays $16,000 to Sheridan Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 For Carla Vista Co., journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit prepaid insurance 16,000 uly 1 16,000 cash 8,000 insurance expense 8,000 Prepaid Insurance For Carla Vista Co., post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance Insurance Expense