Your answer is partially correct. Try again On July 1, 2019, Whispering Winds Corp. pays $17,100 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31 For Whispering Winds Corp., journalize and post the entry on July 1 and the annual 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.) Date Account Titles Debit July 1 Prepaid Insurance 17,100 Cash 17,100 Dec. 31 insurance Expense 2,850 Prepaid Insurance 2,850 Prepaid Insurance 17,100 12/31 2,850 12/31 Bal. 14,250E 14,250 Insurance Expense 12/31 2,85 12/31 Bal. 2,580