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A lave firm recetied 52000 cash for legal service to be provided in the future to clients. The full amount wascredited to the liability account
A lave firm recetied 52000 cash for legal service to be provided in the future to clients. The full amount wascredited to the liability account Unearned Legal Fees fevenue. If the leieal services have been provided at the end of the accounting period and no adjusting entry is made, this would cause experses to be overstated. lishaliaies to be understated. revenues to be overstated. net income to be understated
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