Short Answer
Ove is a lawyer who requires that his clients pay him in advance of legal services rendered. Ove routinely credits Legal Fee Revenue when his clients pay him in advance. In June, Ove collected $16,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Ove's firm at the end of June? 
Correct Answer:
Verified
Correct Answer:
Verified
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