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Uncanned Revenue Jennifer's Landscaping Services signed a $2,040-per-month contract on November 1 to provide plant-watering services for Lola Inc.'s office buildings. Jennifer's received 3 months
Uncanned Revenue Jennifer's Landscaping Services signed a $2,040-per-month contract on November 1 to provide plant-watering services for Lola Inc.'s office buildings. Jennifer's received 3 months service foes in advance on signing the contract. Required: 1. Prepare Jennifer's journal entry to record the cash receipt for the first 3 months Nov. 1 88 (Record receipt of payment for services not yet performed) 2. Prepare Jennifer's adjusting entry at December 31 Dec 31 (Record recognition of revenue) 3. Conceptual Connection: How would the advance payment (account(s) and amount(s) be reported in Jennifer's December 31, 2019. balance sheet? Uneamed sales revenue in the amount of s would appear among Jennifer's How would the advance payment accounts) and amount(s)) be reported in Lola's December 31, 2019, balance sheet? in the amount of would appear among Lola's
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