Antonia Soria, a lawyer, was paid 72,000 on April 1 to represent a client in property negotiations LO 5 Accounting for Revenue over the next twelve months. Received in Advance 1. Record the entries required in Soria's records on April 1 and at the end of the accounting year, June 30 .

2. How would this transaction be reflected in the income statement and balance sheet on June 30?