On July 1, 2025, Blossom Co, pays $17.400 to Sarasota Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your Answer: Correct Answer Your answer is partially correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Sarasota Insurance Co. Sarasota uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. 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 automotically indented when the amount is entered. Do not indent manually) Date July 1 Account Titles and Explanation. Cash Unearned Service Revenue Dec. 31 Unearned Rent Revenue Service Revenue Debit Credit 17400 17400 8700 8700