Question 3 of 5 (a1) On July 1, 2025, Blossom Co. pays $22,920 to Marigold Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. July 1 A Journalize the entry on July 1 and the adjusting entry on December 31 for Marigold Insurance Co. Marigold 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.) Dec. 31 Account Titles and Explanation Unearned Service Revenue 0.5/2 : Debit 22,920 Credit 22,920

On July 1, 2025, Blossom Co pays $22,920 to Marigold Insurance Co, for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Your answer is partially correct Journalize the entry on July 1 and the adjusting entry on December 31 for Marigold Insurance Co. Marigold 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 Ofor the amounts. Credit eccount titles are outornatically indented when the amount is entered Do not indent manualind