Your answer is partialy corect. Try again On July 1, 2019, Major Co. pays s15,120 to Mesa Insurance Co. for a 4 year insurance contract. Both companies have tiscal years ending December 31 For Major Cjnalize and post the entry on luly 1 and tha adjusting antry an Dacamher 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1 repaid Insurance 15120 Cash 15120 Dec. 31 Insurance Expansa Prepaid Insurance Prepaid Insurance 15120 12/31 12/31 Bal. Insurance Expense