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ennifer's Landscaping Services signed a $400-per-month contract on November 1 to provide plant-watering services for Lola Inc/s office buidings. Jennifen eceived 4 months' service fees
ennifer's Landscaping Services signed a $400-per-month contract on November 1 to provide plant-watering services for Lola Inc/s office buidings. Jennifen eceived 4 months' service fees in advance on signing the contract. tequired: 1. Prepare Jennifer's journal entry to record the cash receipt for the first 4 months. If an amount box does not require an entry, leave ic blank. Ne (kecord receipt of payment for services not yet performed) 2. Prepare Jennifer's adjusting entry at December 31 . If an amount box does not require an entry, leave it blank. Dec. 31 (Record recognition of revenue) 3. Conceptual Connection: How would the advance payment [account(s) and amount(s)] be reported in Jennifer's December 31, 2019, balance sheet? Unearned sales revenue in the amount of 5 would appear ameng Jennifer's How would the advance payment [account(s) and amount(s)] be reported in Lola's December 31,2019, balance sheet? in the amount of 5 would eppear among tola's
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