Journal Entries in the books of Pharoah Insurance Co are as follows:
Date              Account Titles and Explanation     Debit       Credit 
July 1, 2022 Cash                                            $22,400
Unearned Service Revenue                                             $22,400
To record the receipt of payment for insurance contract for 4 years.
Date                          Account Titles and Explanation     Debit       Credit 
December 31, 2022 Unearned Service Revenue         $2,800
Service Revenue                                                                            $2,800
To record the service revenue earned from July 1, 2022 to December 31, 2022.
Data Analysis:
July 1, 2022 Cash $22,400 Unearned Service Revenue $22,400
December 31, 2022 Unearned Service Revenue $2,800 Service Revenue $2,800 ($22,400 x 6/48)
Thus, only $2,800 is credited to the Service Revenue account for the year ended December 31, 2022.
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