On October 1, Year 1, Josh Smith, attorney, accepted a $10,800 cash advance from his client, James Company, for services to be performed over the next six months. Required a. Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. b. Record the deferral and the related December 31, Year 1, adjustment for James Company in an accounting equation. Complete this question by entering your answers in the tabs below. S Required A Required B Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Not all cells require entry. JOSH SMITH, ATTORNEY - Year 1 Assets = Event Cash = Liabilities Unearned Revenue + Stockholders' Equity Common + + Stock Retained Earnings Cash collected = + + Revenue earned = + + Required A Required B

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section21.1: Accruals
Problem 1WT
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On October 1, Year 1, Josh Smith, attorney, accepted a $10,800 cash advance from his client, James Company, for services to be
performed over the next six months.
Required
a. Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation.
b. Record the deferral and the related December 31, Year 1, adjustment for James Company in an accounting equation.
Complete this question by entering your answers in the tabs below.
S
Required A
Required B
Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation.
Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Not all cells require
entry.
JOSH SMITH, ATTORNEY - Year 1
Assets
=
Event
Cash
=
Liabilities
Unearned
Revenue
+
Stockholders' Equity
Common
+
+
Stock
Retained
Earnings
Cash collected
=
+
+
Revenue earned
=
+
+
Required A
Required B
Transcribed Image Text:On October 1, Year 1, Josh Smith, attorney, accepted a $10,800 cash advance from his client, James Company, for services to be performed over the next six months. Required a. Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. b. Record the deferral and the related December 31, Year 1, adjustment for James Company in an accounting equation. Complete this question by entering your answers in the tabs below. S Required A Required B Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Not all cells require entry. JOSH SMITH, ATTORNEY - Year 1 Assets = Event Cash = Liabilities Unearned Revenue + Stockholders' Equity Common + + Stock Retained Earnings Cash collected = + + Revenue earned = + + Required A Required B
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