On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services.
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On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided,
A. Make the December 31 adjusting journal entry to bring the balances to correct.
B. Show the impact that these transactions had.
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1 Unearned fee revenue that ...View the full answer
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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