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Brief Exercise 3-6 Your answer is partially correct. Try again. On July 1, 2019, Metlock, Inc. pays $16,500 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credit TJuly 1 ITPrepaid Insurance 16500 1 T Cash 16500 Dec. 31 Insurance Expense Prepaid Insurance Unearned Service Revenue I 16500 16500 12/31 IT 2750 12/31 Bal. ( 13750 13750 Service Revenue