Question

On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed$3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided,

B. Show the impact that these transactions had.

Solution

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Answered 9 months ago
Answered 9 months ago
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In this exercise, we will show the effect of the transaction on the accounting equation.

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