Perform service December 29^th year 1 for 500, will collect on January 2 year 2:

1. What entry now?
2. What entry January 2 year 2?
3. If we waited until January 2 to record the service, what will be wrong in year 1? Or year 2?

Receiving a bill from Verizon on December 31 for 280 will pay on January 8 year 2.

1. What entry now?
2. What entry January 8 year 2?
3. If we skip the entry now, what will be wrong in year 1? Or year 2?