On July 1, 2025, Pharoah Co. pays $14,400 to Sheffield Insurance Co. for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a1) Journalize the entry on July 1 and the adjusting entry on December 31 for Sheffield Insurance Co. Sheffield uses the accounts Unearned Service Revenue and Service Revenue. (List all debit entries before credit entries. 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.) 
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