A law firm received $2,000 cash for legal service to be provided in the future...
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Accounting
A law firm received $ cash for legal service to be provided in the future to clients. The full amount was credited to the liability account Unearned Legal Fees Revenue. If the legal services have been provided at the end of the accounting period and no adjusting entry is made, this would cause
A law firm received $ cash for legal service to be provided in the future to clients. The full amount was credited to the liability account Unearned Legal Fees Revenue. If the legal services have been provided at the end of the accounting period and no adjusting entry is made, this would cause
revenues to be overstated.
liabilities to be understated.
expenses to be overstated.
net income to be understated.
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