On May $1,$ Year $1,$ Josh Smith, attorney, accepted a $$34,000$ cash advance from his client, James Company, for services to

be performed over the next twelve months.

Required

a$.$ Record the deferral and the related December $31,$ Year $1,$ adjustment for Josh Smith in an accounting equation.

b$.$ Record the deferral and the related December $31,$ Year $1,$ adjustment for James Company in an accounting equation.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Record the deferral and the related December $31,$ Year $1,$ adjustment for Josh Smith in an accounting equation.

Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Round your final

answers to the nearest whole number. Not all cells require entry.