On July 1, 2019, Sheffield Corp. pays $20,700 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit July 1 Prepaid Insurance 20,700 Cash 20,700 Dec. 31 Insurance Expense 3,450 Prepaid Insurance 3,450 Unearned Service Revenue 20,700 20,700 12/31 Bal. 12/31 Service Revenue 12/ 31 3 ,450 ||