On October 1, Year 1, Josh Smith, attorney, accepted an $33,000 cash advance from his client, James Company, for services to be performed over the next six months. Required a. Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) JOSH SMITH ATTORNEY-YEAR 1 Event Assets Liabilities + Stockholders' Equity Unearned Cash Revenue Cash collected Revenue earned Common Stock Retained Earnings

On October 1, Year 1, Josh Smith, attorney, accepted an $33,000 cash advance from his client, James Company, for services to be performed over the next six months. Required a. Record the deferral and the related December 31, Year 1, adjustment for Josh Smith in an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) JOSH SMITH ATTORNEY-YEAR 1 Event Assets Liabilities + Stockholders' Equity Unearned Cash Revenue Cash collected Revenue earned Common Stock Retained Earnings

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter2: The Basics Of Record Keeping And Financial Statement Preparation: Balance Sheet

Section: Chapter Questions

Problem 18P

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