Brief Exercise 4-7 On July 1, 2014, Seng Co. pays $22,000 to Nance Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31 Journalize the entry on July 1 and the adjusting entry on December 31 for Nance Insurance Co. Nance uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) July 1 ( Dec. 31 Post the entry on July 1 and the adjusting entry on December 31 for Nance Insurance Co. Unearned Service Revenue Service Revenue Click if you would like to Show Work for this questions Oeen Show.Work