Hello, I am having trouble with this assignment.

Current Attempt in Progress On July 1, 2022, Sheridan Company pays $12,500 to Oriole Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. For Sheridan Company, 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.) Date Account Titles and Explanation Debit Credi July 1 Prepaid Insurance 12,500 Cash Dec. 31 Unearned Service Revenue 3,125 Service Revenue e Textbook and Media List of Accounts Your answer is incorrect. For Sheridan Company, 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 7/1 Insurance Expense e Textbook and Media List of Accounts