Question
On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of
On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Fee Revenue account for the period. Based on the information provided:
- As of December 31, what is the amount of unearned fee revenue that has been earned?
- What account is debited in the adjusting entry?
- What account is credited in the adjusting entry?
- What is the remaining balance of unearned revenue?
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College Accounting A Practical Approach Chapters 1-25
Authors: Jeffrey Slater
12th Edition
013277206X, 978-0132772068
