Unearned Revenue

Jennifer's Landscaping Services signed a $$1,920-$per$-$month contract on November $1$ to provide plant$-$watering services for Lola Inc.$\text{'}$s office buildings. Jennifer's received $3$ months' service fees in advance on signing the contract.

Required:

Prepare Jennifer's journal entry to record the cash receipt for the first $3$ months.

Nov. $1$

$($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?

Unearned sales revenue in the amount of $ would appear among Jennifer's

How would the advance payment $[$account$($s$)$ and amount$($s$)]$ be reported in Lola's December $31,2019,$ balance sheet?

in the amount of $ would appear among Lola's

$3$ more Check My Work uses remaining.

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