Brief Exercise 3-05 Your answer is partially correct. Try again. On July 1, 2019, Sandhill Co. pays $21,500 to Whispering Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Sandhill Co., journalize and post the entry on July 1 and the adjusting entry on December 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 Cash 21500 X Unearned Service Revenue 21500 X X Dec. 31 Unearned Service Revenue 53751 X x Service Revenue 5375 Prepaid Insurance x X 12/31 5375 7/1 21500 X 12/31 Bal. 16125 Insurance Expense 12/31 5375 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: Unlimited