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ch4aika [34]
3 years ago
13

A law firm received $1600 cash for legal services to be rendered in the future. The full amount was credited to the liability ac

count Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause:
Business
1 answer:
Viefleur [7K]3 years ago
4 0

Answer and Explanation:

In the first situation, the journal entry is

Cash Dr $1,600

      To Unearned revenue $1,600

(Being the unearned revenue is recorded)

For this we debited the cash as it increased the assets and credited the unearned revenue as it also increased the liabilities

The adjusting entry is

Unearned Service Revenue XXXXX

          To Service Revenue XXXXX

(Being the adjusting entry is recorded)

If this entry is not recorded than it would leads to understated of revenue and overstated of liabilities

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