The law firm Garner & Brown received from a large corporate client an annual retainer fee of $60,000 on January 2, 2014. The fee is based on anticipated monthly services of $5,000.
Required
1. Using the account title Retainer Fees for unearned revenue, journalize (1) Garner & Brown's receipt of retainer fees, and (2) the provision of services in the month of January 2014.
2. Post the journal entries in Requirement 1 to the unearned revenue account (Retainer Fees) T-account. What is the value of services to be provided to the client in the remaining 11 months?