Accounting Principles, Journal entry

Accounting
Tutor: None Selected Time limit: 1 Day

jack is a lawyer who requires that his clients pay him in advance of legal services rendered. Jack routinely credits Legal Services Revenue when his clients pay him in advance. In June Jack Collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Jack's firm at the end of June? (Journal entry)

Oct 14th, 2015

Thank you for the opportunity to help you with your question!

Debit: Service Revenue

Credit: Unearned Service Revenue

Please let me know if you need any clarification. I'm always happy to answer your questions.
Oct 14th, 2015

There was no beginning balance of supplies and purchased $700 of office supplies during the period. At the end of the period $80 of supplies were on hand

Oct 14th, 2015

That is unrelated to this question; I think you may need to ask a new question :)

Oct 14th, 2015

it is a new question. Your answer was right, thanks! can we do this one now?

Oct 14th, 2015

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Oct 14th, 2015
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Oct 14th, 2015
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