Which of the following is the entry to be recorded by a law firm when it receives
Question:
Which of the following is the entry to be recorded by a law firm when it receives a payment from a new client that will be earned when services are provided in the future?
a. Debit Accounts Receivable; credit Service Revenue.
b. Debit Deferred Revenue; credit Service Revenue.
c. Debit Cash; credit Deferred Revenue.
d. Debit Deferred Revenue; credit Cash.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Option c is correct Receiving in advance for future service should be debited as c...View the full answer
Answered By
Muhammad Imtiaz Rasool
Teaching profession brings with it lots of duties and challenges.
When I completed my Bachelor's Degree. So I entered this profession.
I am in this profession of teaching in a School for about 2 years. Every time whenever I am going to teach a class as a part of this noble profession .I am learning also. I am trying consistently ....how to represent, interpret, summarize and rethink about the whole concept I wish to teach or rather inspire my students in a specific period of time assigned to me.
0 Reviews
10+ Question Solved
Related Book For 
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
Question Posted:
