On March 24, 2014, Greenthumb Landscaping Services received $10,000 for five months of landscaping service to be provided May through September 2014. Greenthumb's year end is April 30.
(a) How should the $10,000 received be reported in the April 30, 2014, financial statements? Explain.
(b) Assuming Greenthumb prepares monthly financial statements, how should the $10,000 be accounted for from May through September? Explain.