On July 1, 2020, Blue Co. pays $16,080 to Kingbird Insurance Co. for a 3 -year insurance policy. Both companies have fiscal years ending December 31 . Journalize the entry on July 1 and the adjusting entry on December 31 for Kingbird Insurance Co. Kingbird 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 occount tItles and enter O for the amounts. Record journol entries in the order presented in the problem.) On July 1, 2020, Blue Co. pays $16,080 to Kingbird Insurance Co. for a 3 -year insurance policy. Both companies have fiscal years ending December 31 . Journalize the entry on July 1 and the adjusting entry on December 31 for Kingbird Insurance Co. Kingbird 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 occount tItles and enter O for the amounts. Record journol entries in the order presented in the problem.)