Exercise 8-69 (Algorithmic) Unearned Revenue Long Beach Exterminators signed a $2,260-per-month contract on November 1, 2019, to provide pest control services to rental units owned by Palmdale Estates. Long Beach received 3 months' service fees in advance, on signing the contract. Required: 1. Prepare Long Beach's journal entry to record the cash receipt for the first 3 months. Nov. 1 (Record receipt of payment for services not yet performed) 2. Prepare Long Beach's adjusting entry at December 31, 2019. Dec. 31 (Record recognition of revenue) 3. Conceptual Connection: How would the advance payment [account(s) and amount(s)] be reported in Long Beach's December 31, 2019, balance sheet? would appear among Long Beach's) Unearned sales revenue in the amount of s How would the advance payment [account(s) and amount(s)] be reported in Palmdale Estates' December 31, 2019, balance sheet? A prepaid asset in the amount of $ would appear among Palmdale Estates Next>