On November 1, Year 1, Josh Smith, attorney, accepted an $39,000 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. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances with a minus sign.) Event JOSH SMITH ATTORNEY - Year 1 Assets Cash collected Revenue earned = Cash 39,000 Liabilities + Unearned Revenue 39,000 Stockholders' Equity + Common Stock Retained Earnings b. Record the deferral and the related December 31, Year 1, adjustment for James Company in an accounting equation. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances with a minus sign.) JAMES COMPANY - Year 1 Assets = Liabilities + Stockholders' Equity Event Cash Prepaid Legal Fees Common + + Stock Retained Earnings (39,000) 39,000 Cash paid. Service used