Kane Company received $7,200 from a customer on May 1 for services to be provided in the coming year in an equal amount for each of the 12 months beginning in May. In the Kane information system, these cash receipts are recorded as unearned revenue. What adjustment will Kane need to make when preparing the December 31 financial statements? What is the impact on the financial statements if the necessary adjustment is not made? Is this adjustment related to an accrual or a deferral?