Question: Answer the following independent question including computations (if needed) or examples supporting your answer A law firm received $2,000 cash for legal services to be

Answer the following independent question including computations (if needed) or examples supporting your answer

A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Legal Fees. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, what impact would it have on revenue? Is it necessary to conduct adjustment process if the trial balance debit and credit columns balances are equal?-Explain briefly.

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