On July $1,2022,$ Blossom Company pays $$14,500$ to Cullumber Company for a $1-$year insurance contract. Both companies have fiscal years ending December $31.$

$($a$1)$

Journalize the entry on July $1$ and the adjusting entry on December $31$ for Cullumber Company. Cullumber 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

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

enter an account title