a. Explanation Date Account Title and Explanation Post ref Debit ($) Credit ($) Dec 31 Unearned legal revenue 7,500 Legal revenue 7,500 (To recognize legal revenue.) Unearned revenue account is a current liability. The current liability will be reduced at the time of recognizing revenue so unearned legal revenue will be decreased. Hence, unearned legal revenue account will be debited. Similarly legal revenue account is an income account. Therefore, when revenue will be recognized, legal revenue account will be credited as it will result in increase in the income... b. To determine To prepare: Journal entry .

9th Edition

ISBN: 9781266573859

Author: Wild

Publisher: MCG

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Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

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Chapter 3, Problem 11QS

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To prepare: Adjusting entry.

To determine

To prepare: Journal entry.

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Chapter 3 Solutions

FIN MANAG. ACCT. (LL) W/CONNECT (1TERM)

Ch. 3 - Prob. 1QS Ch. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QS Ch. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QS Ch. 3 - Prob. 8QS Ch. 3 - Prob. 9QS Ch. 3 - Prob. 10QS

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