Your answer is partially correct. Try again. On July 1, 2019, Sheridan Co. pays $19,700 to Wind sor Insurance Co. for a 4-year insurance contract. Both For Sheridan Co., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit a entered. Do not indent manually. Record journal entries in the order presented in the problem. Ro Date Account Titles and Explanation Debit Credit July 1 Prepaid Insurance 19700 Cash 19700 Dec. 31 Insurance Expense 2462.50 Prepaid Insurance 2463.50 Prepaid Insurance 7/1 19700 12/31 2463.50 12/31 Bal. 19946.50 Insurance Expense 12/31 2463.50 Click if you would like to show Work for this question. Onen Show Work