On July 1, a client paid an advance payment (retainer) of $6,500 to cover future legal services. During the period, the company completed $5,000 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 Cash B. Sh hat these transactions had. If an Fee Revenue amou Insurance Expense require an entry, leave it blank. Un Notes Payable Beginni Unearned Fee Revenue Advance/Retainer Subtotal $ Earned Unearned $

On July 1, a client paid an advance payment (retainer) of $6,500 to cover future legal services. During the period, the company completed $5,000 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 Cash B. Sh hat these transactions had. If an Fee Revenue amou Insurance Expense require an entry, leave it blank. Un Notes Payable Beginni Unearned Fee Revenue Advance/Retainer Subtotal $ Earned Unearned $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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