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.
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Option c is correct Receiving in advance for future service should be debited as c...View the full answer
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Muhammad Imtiaz Rasool
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Related Book For 
Fundamentals Of Financial Accounting
ISBN: 9780073527109
3rd Edition
Authors: Fred Phillips, Robert Libby, Patricia A Libby
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