On July 1, 2022, Pharoah Company pays $24,000 to Crane Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Crane Company. Crane 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 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 1 Cash $24000 $24000 Unearned Service Revenue $12000 Dec.31 Unearned Service Revenue (a2) Post the entry on July 1 and the adjusting entry on December 31 for Crane Company. (Post entries in the order of journal entrie presented in the previous part.) Unearned Service Revenue Service Revenue 7/1 12/31 12/31 Bal d Media