Rimmel, Financial Accounting,7e dy & Practice Gradebook ORION en Assignment URCESrief Exercise 4-7 On July 1, 2014, Seng Co. pays $17,600 to Nance Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 32. 4-10 4-11 412 Your answer is partially correct. Try again. ournalize the entry on July 1 and the adjusting entry on December 31 for Nance Insurance Co. Nance uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) ts by Study Account Tides and uly cash 17600 Dec. 31 13200 Service Reve Your answer is partialy correct. Try again MacBook Air