On July 1, 2022, Cullumber Co. pays $16,120 to Crane Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is correct. Journalize the entry on July 1 and the annual adjusting entry on December 31 for Crane Co. Crane uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 1 Cash Debit Credit 16120 Unearned Service Revenue Dec. 31 Unearned Service Revenue Service Revenue 4030 16120 4030