Brief Exercise 4-7 (Part Level Submission) On July 1, 2017, Crane Company pays $19,000 to Oriole Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a) Your answer is partially correct. Try again. Journalize the entry n July 1 and the adjusting entry on December 31 for Oriole Company. Oriole uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for 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 1Prepaid Insurance 19000 Cash 19000 Dec. 31 : Insurance Expense 9500 Prepaid Insurance 9500