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Jennifer's Landscaping Services signed a $1,960-per-month contract on November 1 to provide plant-watering services for Lola Inc.'s office buildings. Jennifer's received 3 months' service fees
Jennifer's Landscaping Services signed a $1,960-per-month contract on November 1 to provide plant-watering services for Lola Inc.'s office buildings. Jennifer's received 3 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifer's journal entry to record the cash receipt for the first 3 months. Nov. 1 (Record receipt of payment for services not yet performed) 2. Prepare Jennifer's adjusting entry at December 31. 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 $ would appear among 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 $| would appear among Lola's
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