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Adjusting journal entry - revenue 5 Adjusting journal entry - revenue LO2.3 Leopard Legal agrees to prepare and represent Ali in court for a speeding

Adjusting journal entry - revenue

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5 Adjusting journal entry - revenue LO2.3 Leopard Legal agrees to prepare and represent Ali in court for a speeding fine. The firm charges a flat fee of $250 per hour and always completes the service before billing the client. The firm completes the service on 16 April and bills Ali on 1 March, with the bill amounting to 20 hours. Leopard Legal prepares financial statements at the end of each month. REQUIRED a Prepare any adjusting journal entry necessary for Leopard Legal on 30 April b Explain if this situation is a deferred or accrued revenue. Show the T-accounts with the adjusting journal entry posted to them

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