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ser-zykov [4K]
2 years ago
5

Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months serv

ices in advance. Management Services' general journal entry to record this transaction will include aSelect one:a. Debit to Unearned Management Fees for $60,000.b. Credit to Management Fees Earned for $60,000.c. Credit to Cash for $60,000.d. Credit to Unearned Management Fees for $60,000.e. Debit to Management Fees Earned for $60,000.
Business
1 answer:
Sedbober [7]2 years ago
4 0

Answer:

d. Credit to Unearned Management Fees for $60,000.

Explanation:

In the given question, it is mentioned that the management services provide service to clients, and one client gives the advance amount of $60,000 to the management service.  

So, in case of advanced received by the customer, the journal entry would be  

Cash A/c Dr       $60,000

   To Unearned Management Fees    $60,000

(Being amount received in advance)

The asset account should be debited and the liabilities account should be credited.

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They can effectively deploy capital to more productive options.

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Answer:

Date        Description              Dr.             Cr.

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<h3>What is contract?</h3>

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