On July $1,2025,$ Blossom Co$.$ pays $$22,920$ to Marigold Insurance Co$.$ 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 Marigold Insurance Co$.$ Marigold uses the accounts Unearned Service Revenue and Service Revenue. $($List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit