- Your answer is partially correct. On July 1, 2020, Monty Co. pays $15,420 to Flounder Insurance Co.for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Monty Co., journalize the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date July 1 Cash 15420 Unearned Service Revenue 15420 Dec. 31 V Unearned Service Revenue 15420 Service Revenue 15420 Current Attempt in Progress On July 1, 2020, Novak Co. pays $14,760 to Splish 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 Splish Insurance Co. Splish uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation July 1 Dec. 31