On July 1, 2022, Cullumber Company pays $17,000 to Crane Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) 4 Your answer is partially correct. For Cullumber Company, journalize the entry on July 1 and the annual adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no e 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 manual Date Account Titles and Explanation Debit Credit July 1 4 Cash 17,000 Unearned Service Revenue 17,000 Dec. 31 Unearned Service Revenue 4250 Service Revenue 4250