On July 1, 2022, Ivanhoe company pays $15.500 to Sandhill Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31 (al) Your answer is partially correct. Try again Journalize the entry on July and the adjusting entry on December 31 for Sancho Sandhauses the accounts Unearned Service Revenue and Service problem. If no entry is required, select "NO Entry for the accounties and enter for the amount Checco sa y Date Account Titles and Explanation Touly Prepand insurance. Insurance Expense Prepaid Insurance Click if you would like to show Work for this question Open Show Work