Elliott Smith is a lawyer who requires that his clients pay him in advance of le

Question

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 $12,000 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?

Service Revenue 3,600
Unearned Service Revenue 3,600



Unearned Service Revenue 3,600
Service Revenue 3,600



Unearned Service Revenue 8,400
Service Revenue 8,400



Cash 12,000
Service Revenue 12,000

Explanation / Answer

Service Revenue 3,600 Unearned Service Revenue 3,600

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