On July 1, 2022, Blossom Co. pays $12,896 to Sunland Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31 . Your answer b partially correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Sunland Co. Sunland uses the accounts Unearned Service Revenue and Service Revenue. (Record journol entries in the order presented in the problem. Credit occount titles are automatically indented when the amount is entered, Do not indent manually.) Post the entry on July 1 and the annual adjusting entry on December 31 for Sunland Co. (Post entries in the order of journal entries presented in the previous part.)