On December 1, Year 1, Jack's Snow Removal Company received $9,600 of cash in advance from a customer and promised to provide services for that customer during the months of December, January, and February. How will the Year 1 year-end adjustment to recognize the partial expiration of the contract impact the elements of the financial statements model? Multiple Choice Equity will increase by $3,200 Total liabilities will increase by $3,200 Total assets will increase by $3,200 Equity will increase by $3,200 and Total assets will increase by $3,200