ones outlined in red apparently wrong

On July 1, 2017, Ling Co. pays $12,400 to Marsh Insurance Co.for a 2-year insurance contract. Both companies have fiscal years ending December 31. Part 1 Your answer is partially correct. For Ling Co., journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Unearned Service Revenue 12400 Cash 12400 Dec. 31 Unearned Service Revenue 3100 Service Revenue 3100