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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 22
Which of the following is the entry to be recorded by a law firm when it receives a payment from a new client that will be earned when services are provided in the future
A) Debit Accounts Receivable; credit Service Revenue.
B) Debit Unearned Revenue; credit Service Revenue.
C) Debit Cash; credit Unearned Revenue.
D) Debit Unearned Revenue; credit Cash.
A) Debit Accounts Receivable; credit Service Revenue.
B) Debit Unearned Revenue; credit Service Revenue.
C) Debit Cash; credit Unearned Revenue.
D) Debit Unearned Revenue; credit Cash.
Explanation
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Cash: This is an asset and should be deb...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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