On april 1, 2017, planet services received $8,000 in advance of performing the services from a customer for three months of service long dash— april, may and june. what would be the journal entry to adjust the accounts at the end of may? (do not round any intermediate calculations, and round your final answer to the nearest dollar.)a. debit service revenue $5,333, and credit accounts receivable $5,333.b. debit unearned revenue $5,333, and credit service revenue$5,333.c. debit unearned revenue $8,000, and credit service revenue$8,000.d. debit service revenue $2,667, and credit unearned revenue$2,667.

Almost 80% of business owners are clueless about the competition, resulting in a) lost market share and customers. b) needless lawsuits. c) uninspired products. d) lack of perseverance

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Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.