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What is the value of services to be provided to the client

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Question - The law firm Garner & Brown received from a large corporate client an annual retainer fee of $60,000 on January 2, 2020. The fee is based on anticipated monthly services of $5,000.

Required - Using the account title Retainer Fees for unearned revenue, journalize (a) Garner & Brown's receipt of retainer fees, and (b) the provision of services in the month of January 2020.

Post the journal entries in Requirement 1 to the unearned revenue account (Retainer Fees) T-account. What is the value of services to be provided to the client in the remaining 11 months?

Reference no: EM133074975

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