On July $1,2025,$ Crane Co$.$ pays $$13,860$ to Cheyenne Insurance Co$.$ for a $3-$year insurance policy. Both companies have fiscal years

ending December $31.$ Journalize the entry on July $1$ and the adjusting entry on December $31$ for Cheyenne Insurance Co$.$ Cheyenne

uses the accounts Unearned Service Revenue and Service Revenue. $($Credit account titles are outomatically indented when amount is

entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter O for the amounts. Record journal

entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit