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. Based on the information provided

A) Make the initial journal entry for the advanced layment received for future legal services

B) Make rhe december 31st adjusting journal entry to recongnize the services rendered with the revenue earned

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. Based on the information provided (BE AWARE: You may have to use the bottom scroll bar to move to the right and left to see all the answer boxes below): "Make the initial journal entry for the advanced payment received for future legal services: -Make the December 31 adjusting journal entry to recognize the services rendered with the revenue earned