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In March of 2020, the law firm of Schnell & Capple collected $100,000 from a client prior to doing any work. Throughout the year, employees
In March of 2020, the law firm of Schnell & Capple collected $100,000 from a client prior to doing any work. Throughout the year, employees at the law firm worked on the client's case. As of December 31, 2020, the law firm's year-end, $65,000 worth of work was performed throughout the year. The adjusting journal entry at year-end would include: Credit to Cash for $100,000 Debit to Unearnd Legal Fees for $65,000 Debit to Accounts Receivable for $65,000 Credit to Accounts Payable for $65,000 None of the above
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