On July 1, 2017, Sandhill Co. pays $14,340 to Teal Insurance Co for a 3-year Insurance policy. Both companies have fiscal years ending December 31. Journal entry on December 31 for Teal Insurance Co. Teal uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. I no entry is required, select "Ne entry for the accounts the entry on July 1 and the adjusting problem.) and enter for the amounts Record journal entries in the order presented in the Date Account Titles and Explanation Debit Credit July 1 Cash Prepaid Insurance On July 1, 2017, Sandhill Co. pays $14,340 to Teal Insurance Co for a 3 year insurance policy. Both companies have fiscal years ending December 31. Journaline the entry on July 1 and the adjusting entry on December 31 for Teal Insurance Co. Teal uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cre Cash 14,340 Uneared Service Revenue 14,340 Unearned Service Revenue Service Revenue