Julie Lambert has a large consulting practice. New clients are required to pay one-half of the consulting fees up front. The balance is paid at the conclusion of the consultation. How does Lambert account for the cash received at the end of the engagement?
Julie Lambert has a large consulting practice. New clients are required to pay one-half of the consulting fees up front. The balance is paid at the conclusion of the consultation. How does Lambert account for the cash received at the end of the engagement?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Julie Lambert has a large consulting practice. New clients are required to pay one-half of the consulting fees up front. The balance is paid at the conclusion of the consultation. How does Lambert account for the cash received at the end of the engagement?
| Cash |
| Unearned Service Revenue |
| Service Revenue |
| Cash |
| Unearned Service Revenue |
| Prepaid Service Revenue |
| Service Revenue |
| No entry is required when the engagement is concluded. |
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