Question: explain the difference between adjusting entries and closing entries. Question 6 During the month of June 2019, Jim's Legal services business performed services for a

explain the difference between adjusting entries and closing entries.

Question 6 During the month of June 2019, Jim's Legal services business performed services for a specific customer for which the fee was $3,000. The payment was following month of July. Required: a. Was the revenue earned in June or July? Which financial statement assumption does this relate to? b. What are the differences between the cash basis of accounting and the class of accounting? UT EN F1 (Mac) o 2

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