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 Correct Answer Journalize the entry an July 1 and the adjusting entry on December 31 for Crane Company. Crane uses the accounts Unearned Service Revenue and Service Revenue. (Record jourmal entries in the order pr for the amounts Credit account titles are automotically indiented when the omount is entered. Do not in dent manually.) Account Titles and Explanation Credit Date Debit 24000 Cash July 1 Unearned Service Revenue 24,000 Unearned Service Revenue 12.000 Dec. 31 Service Revenue 12000 (a2) Post the entry on July 1 and the adjusting entry on December 31 for Crane Company. (Post entries in the ordier of journal entries presented in the previous part Unearned Service Revenue 7/1 Service Revenue