5 9 points Skipped The following account balances are taken from the December 31, 2020, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue $ 46,482 41,516 7,296 2,299 5,000 37,460 Equipment Income Tax Expense eBook The following activities occurred in 2021: References 1,178 18,048 2,326 1. Performed advertising services on account, $55,000. 2. Received cash payments on account, $10,400. 3. Received deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year. Which of the following is the journal entry that will be used to record activity #1? Multiple Choice Debit Advertising Revenue and credit Accounts Receivable for $55,000 Debit Accounts Receivable and credit Cash for $55,000 Debit Accounts Receivable and credit Advertising Revenue for $55,000 Debit Cash and credit Advertising Revenue for $55,000