on july $1,2025,$ sunland co$.$ pays $15,480$ to novak 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 Novak Insurance Co$.$ Novak 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 $0$ 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

Cash

Unearned Service Revenue

$$$$15,480$

Unearned Service Revenue

Service Revenue

eTextbook and Media

List of Accounts

x Your answer is incorrect.

Post the entry on July $1$ and the adjusting entry on December $31$ for Novak Insurance Co$.($Post entries in the order of journal entries

presented in the previous part.$)$

Unearned Service Revenue

Service Revenueon july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$ year insurance contract. Both companies have fiscal years ending december $31.$on july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$ year insurance contract. Both companies have fiscal years ending december $31.$on july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$ year insurance contract. Both companies have fiscal years ending december $31.$on july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$ year insurance contract. Both companies have fiscal years ending december $31.$on july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$ year insurance contract. Both companies have fiscal years ending december $31.$on july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$ year insurance contract. Both companies have fiscal years ending december $31.$on july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$on july $1,2025,$ sunland co$.$ pays $15,480$ to novak insurance co$.$ for a $1$ year insurance contract. Both companies have fiscal years ending december $31.$ year insurance contract. Both companies have fiscal years ending december $31.$