On July 1, 2025, Crane Co. pays $23,280 to Novak Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. Your answer is partially correct. Journalize the entry on July 1 and the adjusting entry on December 31 for Novak Insurance Co. Novak 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Post the entry on July 1 and the adjusting entry on December 31 for Novak Insurance Co. (Post entries in the order of journal entries presented in the previous part.)