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TOPIC 12 HOMEWORK 1. On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the
TOPIC 12 HOMEWORK 1. 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 Revenue account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. What is the December 31 ending balance in the Unearned Revenue account?
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Managerial Accounting
Authors: Kulp, Susan, Dragoo, Amie, Hartgraves, Al L, Morse Wayne J.
9th Edition
1618533622, 9781618533623
