The law firm Garner & Brown received from a large corporate client an annual retainer fee of
Question:
The law firm Garner & Brown received from a large corporate client an annual retainer fee of \(\$ 60,000\) on January 2,2020 . The fee is based on anticipated monthly services of \(\$ 5,000\).
Required
1. Using the account title Retainer Fees for unearned revenue, journalize
(a) Garner \& Brown's receipt of retainer fees, and
(b) the provision of services in the month of January 2020.
2. Post the journal entries in Requirement 1 to the unearned revenue account (Retainer Fees) T-account. What is the value of services to be provided to the client in the remaining 11 months?
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Srinivasulu Komarashetty
Regarding my Education Qualification, I have completed my M.Com (Advance Cost Accounting & Cost System), with First-Class and Post Graduation Diploma in Financial Management with "B" Grade. Around 6 years of teaching experience in different colleges for B.Com, BBA, BCA, M.Com and MBA students. Apart from that, I'm taking classes in Private Institutions. I basically deal with Accounting, Costing and Taxation subjects. I teach practical problems with proper basic explanation with necessary working notes, where students can understand properly how to solve the practical problems.
Apart from this, I have 2.6 years of Industrial Experiences also. Due to this, I understand how difficult it is to convert the bookish knowledge into professional work. So my teaching helps the students to understand the real professional work.
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Related Book For 
Horngrens Accounting Volume 1
ISBN: 9780135359709
11th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood
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