Unearned Revenue Jennifer's Landscaping Services signed a $2,250-per-month contract on November 1 to provide plant-watering services...

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Unearned Revenue Jennifer's Landscaping Services signed a $2,250-per-month contract on November 1 to provide plant-watering services for Lola Inc.'s office buildings. Jennifer's received 3 months' service fees 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 Cash Accounts Payable (Record receipt of payment for services not yet performed) Feedback 2. Prepare Jennifer's adjusting entry at December 31. Dec. 31 Accounts Payable 6,750 6,750 X 6,750 X X 6,750 X Unearned Sales Revenue (Record recognition of revenue) Feedback 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 $ 6,750 X would appear among Jennifer's current liabilities How would the advance payment [account(s) and amount(s)] be reported in Lola's December 31, 2019, balance sheet? A prepaid asset in the amount of $ 6,750 X would appear among Lola's current assets . Unearned Revenue Jennifer's Landscaping Services signed a $2,250-per-month contract on November 1 to provide plant-watering services for Lola Inc.'s office buildings. Jennifer's received 3 months' service fees 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 Cash Accounts Payable (Record receipt of payment for services not yet performed) Feedback 2. Prepare Jennifer's adjusting entry at December 31. Dec. 31 Accounts Payable 6,750 6,750 X 6,750 X X 6,750 X Unearned Sales Revenue (Record recognition of revenue) Feedback 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 $ 6,750 X would appear among Jennifer's current liabilities How would the advance payment [account(s) and amount(s)] be reported in Lola's December 31, 2019, balance sheet? A prepaid asset in the amount of $ 6,750 X would appear among Lola's current assets .