On July 1, 2022, Blossom Company pays $ 14,500 to Cullumber Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. - Your answer is partially correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Cullumber Company. Cullumber uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o 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 July 1 Unearned Service Revenue 14500 14500 Dec. 31 Service Revenue 7250 Unearned Service Revenue 7250 e Textbook and Media List of Accounts Your answer is partially correct. Post the entry on July 1 and the adjusting entry on December 31 for Cullumber ompany. (Post entries in the order of journal entries presented in the previous part.) Unearned Service Revenue 12/31 7250 7/1 14500 12/31 Bal. 7250 Service Revenue 12/31 Bal. 7250 e Textbook and Media List of Accounts