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Mike Conway Is a Lawyer Who Requires That His Clients

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Mike Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Service Revenue when his clients pay him in advance. In June Mike collected $16,000 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? Mike Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Service Revenue when his clients pay him in advance. In June Mike collected $16,000 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?

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