Computers and Technology, 14.02.2020 20:57 pringlexavier798

On September 1, 2016, Josh Smith, attorney, accepted an $36,000 cash advance from his client, James Company, for services to be performed over the next twelve months.

Required
a.
Record the deferral and the related December 31, 2016, adjustment for Josh Smith in an accounting equation. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances with a minus sign.)

Josh Smith Attorney
event assets = liabilities + stockholder's Equity
cash = unearned revenue + common stock + retained earnings
cash collected
revenue earned

b.
Record the deferral and the related December 31, 2016, adjustment for James Company in an accounting equation. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances with a minus sign.)

James Company - 2016
Event Assets (Assets) = Liabilities + Stockholders Equity
cash prepaid legal fees = + common stock + retained earnings
Cash paid
Service used

Answers: 2

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On September 1, 2016, Josh Smith, attorney, accepted an $36,000 cash advance from his client, James...