194. Mike Conway is a lawyer who requires that his clients pay him in egai services rendered. Mike routinely credits Service Revenue when his clients pay him in advance. In June Mike collected €20,000 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? a. Unearned Service Revenue 15,000 Service Revenue 15,000 b. Unearned Service Revenue 5,000 Service Revenue 5,000 C. Cash 20,000 20,000 Service Revenue d. Service Revenue 5,000 Unearned Service Revenue 5,000

194. Mike Conway is a lawyer who requires that his clients pay him in egai services rendered. Mike routinely credits Service Revenue when his clients pay him in advance. In June Mike collected €20,000 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? a. Unearned Service Revenue 15,000 Service Revenue 15,000 b. Unearned Service Revenue 5,000 Service Revenue 5,000 C. Cash 20,000 20,000 Service Revenue d. Service Revenue 5,000 Unearned Service Revenue 5,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 1SEQ: Assume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The...

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