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Question 1: Brown Limited is about to prepare its financial statements for the year ended December 31, 20X1. The accountant prepares adjusting journal entries only at year end. For each of the following situations, record the journal entry or entries on the specified dates:
a) At the end of 20X1, it was determined that a legal firm that Brown Limited uses had performed some litigation services for Brown but had not yet invoiced Brown for the work. Brown's accountant estimated that the legal fees owed to the law firm at the end of 20X1 amounted to $14,000 and had not yet been recorded.
b) On January 28, 20X2, the services provided by the law firm mentioned above had been completed and the total amount of the legal fees provided by the law firm over the past several months was $22,000.
c) Assume that the entry recorded in part (a) above had been reversed on January 1, 20X2. In that case, redo the entry that would have been recorded in part (b).
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