View Policies Show Attempt History Current Attempt in Progress On July 1, 2022, Sandhill Co.pays $16,500 to Pharoah Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. For Sandhill 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. 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.) Debit Credit Date Account Titles and Explanation 16,500 uly 1 16.500 ec. 31 e Textbook and Media List of Accounts List of Accounts x Your answer is incorrect. For Sandhill 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 e Textbook and Media List of Accounts Attempts: 1 of 15 used Submit Answer Se for Later