Question

Chris Gayle, a lawyer, received $72,000 on October 1 to represent a client in real estate negotiations over the next 12 months.
1. Prepare the journal entries required in Gayle’s records on October 1 and at the end of the fiscal year, December 31.
2. How would this transaction be reflected on the income statement and balance sheet on December 31?



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  • CreatedMarch 26, 2014
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