The law firm of Gayle, Peterson, & Gray received $72,000 on October 1 to represent a client in real estate negotiations over the next 12
1. Prepare the journal entries required in the company's records on October 1 and at the end of the fiscal year, December 31.
2. How would this transaction be reflected on the income statement and balance sheet on December 31?
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1 Oct 1 Cash 72000 Unearned Legal Fees 72000 To record legal fees received ... View full answer
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Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
10th edition
978-1285441979, 1285441974, 978-1133626992, 1133626998, 978-1133940593
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