Accounting Principles, Journal entry

User Generated

gnyyra

Business Finance

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)

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Explanation & Answer

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Debit: Service Revenue

Credit: Unearned Service Revenue

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