Multiple Choice
Julie Lambert has a large consulting practice.New clients are required to pay one-half of the consulting fees up front.The balance is paid at the conclusion of the consultation.How does Lambert account for the cash received at the end of the engagement?
A) Cash
Unearned Service Revenue
B) Cash
Unearned Service Revenue
Service Revenue
C) Prepaid Service Revenue
Service Revenue
D) No entry is required when the engagement is concluded.
Correct Answer:
Verified
Correct Answer:
Verified
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