On November $1,2024,$ a company signs a one$-$year contract to provide services. The agreement specifies payments of $$4,500$ to be received at the end of every three months for a total of $$18,000$ over the entire year per month$).$ No entry is made on November $1,2024,$ at the time the contract is signed. The first payment will be received on January $31,2025.$ What adjustment does the company need to record at the end of the year on December $31,2024?$

Multiple Choice

Increase Accounts Receivable and increase Service Revenue by $$18,000$

Decrease Service Revenue and decrease Accounts Receivable by $$12,000$

Increase Accounts Receivable and increase Service Revenue by $$3,000$

Increase Accounts Receivable and increase Service Revenue by $$15,000$