Description
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)
Explanation & Answer
Thank you for the opportunity to help you with your question!
Debit: Service Revenue
Credit: Unearned Service Revenue