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IceJOKER [234]
3 years ago
12

Jim is a lawyer who requires that his clients pay him in advance of legal services rendered. Jim routinely credits Legal Service

Revenue when his clients pay him in advance. In June Jim collected $12,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Jim's firm at the end of June
Business
1 answer:
ss7ja [257]3 years ago
3 0

Answer:

Legal Service Revenue Dr $3000

Unearned Revenue Cr $3000

This is due to the fact that the amount of 25% of the work is undone. Hence, it is recorded as a liability and since it is earned, it is shown as unearned revenue.

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6 0
3 years ago
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3 years ago
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stira [4]

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3 years ago
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Yuri [45]

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I will use Apple and HP in this comparison.Here I would compare Apple's laptop to that of Hewlet Packard as this is where they meet in the industry. Apple employs a strategy of differentiation and standing out in competition through their products. They aim to create products that are quite different and unique/innovative from other products in the market, and yet what the customer wants. In doing this, Apple has a trade-off for cost as they charge alot higher for their products than their competitors. HP on the other hand focus on making the best possible products that get the job done/meet the needs of customers while also being affordable. HP is more focused on affordable devices for their market and therefore have a different market segment for laptops from that of Apple. There is a trade-off for cost and market segment in this comparison

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