z

On July 1, 2025. Pharoah Co. pays $14,400 to Shetfield Insurance Co, for a 1-year insurance contract. Both companies have fiscal years ending December 31 6 Vouranwer is partially correct. Journalize the entey on July 1 and the adjustine entry on December 31 for 5 heffeld Insurance Co. Sheffeld uses the accounts Unearned Service Revenue and Service Recenue. (List all debit entries before credit entries. Record joumal entries in the order presented in the problem, If no entry is required, select "No Entry" for the occount tities and enter O for the amaunts. Credit actount tifler are automaticoly indented when the amount is entered, Do not indent manually). - Your answer is partially correct. Post the entry on July 1 and the adjusting entry on December 31 for Sheffieid Insurance Co. (Post entries in the order of journal entries presented in the previous part.)