Your answer is partially correct.

Journalize the entry on July $1$ and the annual adjusting entry on December $31$ for Sunland Co$.$ Sunland uses the accounts

Unearned Service Revenue and Service Revenue. $($Record journal entries in the order presented in the problem. Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

Prepaid Insurance

Cash

Insurance Expense

Prepaid Insurance

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List of Accounts

Post the entry on July $1$ and the annual adjusting entry on December $31$ for Sunland Co$.($Post entries in the order of journal entries

presented in the previous part.$)$

Unearned Service Revenue

Your answer is incorrect.

$12/31$ Bal.

Service Revenue