2 On November 1, Year 1, Josh Smith, attorney, accepted an $40,000 cash advance from his client, James Company, for services to be performed over the next twelve months. Required a. Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances with a minus sign.) points JOSH SMITH ATTORNEY - Year 1 eBook Event Assets Liabilities+ Stockholders' Equity Retained Common+ Cash Unearned Stock Cash collected 40 40,000 Ask Revenue eaned (6,667) 6,667 References b. Record the deferral and the related December 31, Year 1, adjustment for James Company in an accounting equation. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances with a minus sign.) JAMES COMPANY -Year 1 Assets Liabilities+ Stockholders' Equity Event Prepaid Common+ Retained Ear Cash Fees Stock Cash paid Service used Mc