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 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit July 1 Debit Prepaid Insurance 21500 Cash 21500 Dec. 31 Insurance Expense 5375 Prepaid Insurance 5375 X Your answer is incorrect. Post the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. (Post entries in the order of journal entries presented in the previous part.) Unearned Service Revenue 7/1 21500 12/31 5375 12/31 Bal. 16125 Service Revenue 12/31 Bal 5375 e Textbook and Media