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Elliott Smith Is a Lawyer Who Requires That His Clients

Question 8

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Elliott Smith is a lawyer who requires that his clients pay him in advance of legal services rendered.Elliott routinely credits Service Revenue when his clients pay him in advance.In June, Elliott collected $15,000 in advance fees and completed 70% of the work related to these fees.What adjusting entry is required by Elliott's firm at the end of June? Elliott Smith is a lawyer who requires that his clients pay him in advance of legal services rendered.Elliott routinely credits Service Revenue when his clients pay him in advance.In June, Elliott collected $15,000 in advance fees and completed 70% of the work related to these fees.What adjusting entry is required by Elliott's firm at the end of June?

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