Mike conway is a lawyer who requires that his clients pay

Assignment Help Accounting Basics

Reference no: EM13484948

Mike Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Legal Service Revenue when his clients pay him in advance. In June Mike collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June?

1) Legal Service Revenue 3,000 Unearned Revenue 3,000

2) Unearned Revenue 3,000 Legal Service Revenue 3,000

3) Unearned Revenue 9,000 Legal Service Revenue 9,000

4) Cash 12,000 Legal Service Revenue 12,000

Reference no: EM13484948

Questions Cloud

As useful as financial statements are they have their : as useful as financial statements are they have their limitations. of course we should be aware of such limitations

Shimmer does not sell any other assets during the year and : shimmer inc is a calendar year end accrual method corporation. this year its sells the following long term

Suppose the during the first month of the year 3750 : stillwater designs rebuilds defective units of its s12l7 kicker speaker model. during the year stillwater rebuilt 7500

Stephanie is the two-year old daughter of jason and kelly : stephanie is the two-year old daughter of jason and kelly larkspur. stephanie starred in several television commercials

Mike conway is a lawyer who requires that his clients pay : mike conway is a lawyer who requires that his clients pay him in advance of legal services rendered. mike routinely

What would be the minimum amount for which the noncash : the following account balances were available for the perry quincy and renquist partnership just before it entered

The noncash assets were then sold for 120000 and the : the h i and j partnership was about to enter liquidation with the following account balancescash90000. noncash

Ab and c are partners with capital balances of 50000 30000 : ab and c are partners with capital balances of 50000 30000 and 20000 and who share in the profit and loss of the abc

Stephen company produces a single product last year the : stephen company produces a single product. last year the company had 20000 units in its ending inventory. during the

User Account

All Pages