On June 1, 2021, Jennifer Ltd. pays $6,120 to Winds Insurance Corp. for a one-year insurance policy. Both companies have fiscal years ending December 31 and adjust their accounts annually. Prepare the adjusting entry required on December 31 by (1) Jennifer and (2) Winds. (List ali debit entries before credit entries Credit account titles are automatically intended when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) (1) Jennifer Ltd. Date Account Titles and Explanation Debit Credit Dec. 31 (2) Winds Insurance Corr. Debit Credit Date Account Titles and Explanation Dec 31