On July 1, 2022, Carla Vista Co. pays $11,904 to Sheridan Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. For Carla Vista 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 manually.) Date Account Titles and Explanation Debit Credit July 1 V Prepaid Insurance 11904 Cash Dec. 31 Unearned Service Revenue 5952 Service Revenue e Textbook and Media List of Accounts Question Part Score 0.86/1.5 X Your answer is incorrect. For Carla Vista 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.) Prepaid Insurance 12/31 Bal. V 5952 7/1 11904 12/31 Bal. 5952 Insurance Expense