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On October 1, Year 1, Josh Smith, attorney, accepted an $32,000 cash advance from his client, James Company, for services to be performed over the next six months. Required a. Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) JOSH SMITH ATTORNEY-YEAR 1 Event Assets Liabilities + Stockholders' Equity Unearned Cash Revenue Cash collected Revenue earned Common Stock Retained Earnings b. Record the deferral and the related December 31, Year 1, adjustment for James Company in an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) JAMES COMPANY-YEAR 1 Stockholders' Equity Event Prepaid Cash Legal Fees Cash paid Service used Assets Liabilities Common Stock Retained Earnings