Jennifer's Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.'s office buildings. Jennifer's received 4 months' service fees in advance on signing the contract.

Required:

1. Prepare Jennifer's journal entry to record the cash receipt for the first 4 months.

2. Prepare Jennifer's adjusting entry at December 31, 2019.

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