The law firm of Gayle, Peterson, & Gray received $72,000 on October 1 to represent a client
Question:
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?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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1 Oct 1 Cash 72000 Unearned Legal Fees 72000 To record legal fees received ...View the full answer
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-1133940593
10th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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