Journal entry worksheet The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. Record the adjusting entry on December 31 . Note: Enter debits before credits. Problem 3-2A (Static) Convert cash-basls accounting to accrual-basis accounting (LO3-1, 3-2) Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual-basis accounting as part of the creditworthiness verification. During 2024 , the company records the following cash flows: You are able to determine the following information: Requlred: Prepare an accrual-basis income statement for the year ended December 31, 2024, by calculating accrual-basis revenues and expenses