Cedar Rental is an car rental service located in Iowa. Cedar Rental rents a vehicle to a customer for three months on November 1. The customer pays Cedar Rental a total of $6,000 ($2,000/month).

Required:

1. 1.&2. Record the necessary entries in the Journal Entry Worksheet below.

2. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0).