O Accounting for Revenue Received in Advance E8A. The law firm of Gayle, Peterson, & Gray received $72,000 on October to 1. Prepare the journal entries required in the company's records on October 1 and at 2. ACCOUNTING CONNECTION How would this transaction be reflected on the represent a client in real estate negotiations over the next 12 months. the end of the fiscal year, December 31 income statement and balance sheet on December 31