On July 1, 2025, Cullumber Co. pays $24,000 to Flint Insurance Co. for a 1-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 Flint Insurance Co. Flint 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 automatically indented when the amount is entered. Do not indent manually) Date July 1 v Account Titles and Explanation Prepaid Insurance Cash Dec. 31 Insurance Expense Prepaid Insurance Debit 24000 12000 Credit 2400 12000 Post the entry on July 1 and the adjusting entry on December 31 for Flint Insurance Co. (Post entries in the order of journal entries presented in the previous part.) 7/1 Unearned Service Revenue 24000 12/31 Adi 12000 12/31 Bal 12000 Service Revenue 12/31 Adi. 12000 12/31 Bal 12000