Brief Exercise 4-7 On July 1, 2017, Sunland Company pays $20,500 to Ivanhoe Company for a 1-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 Ivanhoe Company. Ivanhoe uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date July 1Dec. 31	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Post the entry on July 1 and the adjusting entry on December 31 for Ivanhoe Company. (Post entries in the order of journal entries presented in the previous part.)

Unearned Service Revenue
choose a transaction date 7/112/3112/31 Bal.	enter a debit amount	choose a transaction date 7/112/3112/31 Bal.	enter a credit amount
choose the end date of the accounting period 7/112/3112/31 Bal.	enter a debit balance	choose the end date of the accounting period 7/112/3112/31 Bal.	enter a credit balance
Service Revenue
choose the end date of the accounting period 7/112/3112/31 Bal.	enter a debit balance	choose the end date of the accounting period 7/112/3112/31 Bal.	enter a credit balance