4 XYZ Company has a December 31 year end. Prepare any required year end adjusting journal entry. Date is required but explanations are NOT required. The business received a payment in the amount of $8,000 on September 3 as a deposit for XYZ to begin planning for some contract work. The journal entry to record this deposit included a credit to consulting fees earned. By the year end, 30% of the work related to the deposit was completed. but of 7 B 1 E