Customer Deposits Harrison \& Armes collected $7,800 from a customer on April 1 and agreed to provide legal services during the next three months. Harrison \& Armes expects to provide an equal amount of services each month. Required: 1. Identify and analyze the transaction for the receipt of the customer deposit on April 1 . How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial. statement item is negative, l.e, a decrease, be sure to enter the answer with a minus sign. 2. Identify and analyze the adjustment on April 30. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, l.e, a decrease, be sure to enter the answer with a minus sign. 3. What will be the effect on net income for April if the adjustment in (2) is not recorded? Net income will be by $