Phifer Consulting Services has a December 31 fiscal year end. On December 1, 2021, Phifer Consulting Services received a payment from a client, Garcia-Martinez Enterprise Solutions, in the amount of $100,000. Ultimately, one-fifth (1/5) of the services were provided by December 31, 2021, with the remaining services provided in the following year. Required: 1. First, assume that Phifer Consulting Services records the entire December 1,2021 receipt of payment as deferred revenue. a. Record the journal entry for the receipt of payment on December 1, 2021. b. Record any necessary adjusting journal entry at December 31, 2021. c. Show the t-accounts for deferred revenue and service revenue for the year. 2. Second, assume instead that Pfifer records the entire December 1, 2021 receipt of payment as service revenue. a. Record the journal entry for the receipt of payment on December 1, 2021. b. Record any necessary adjusting journal entry at December 31, 2021. c. Show the t-accounts for deferred revenue and service revenue for the year. 3. Finally, explain the differences in the results of the two approaches