Klynnz7673 Klynnz7673

02-08-2019
Business

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A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Legal Fees. If the services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause

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Manetho Manetho

07-08-2019

Answer:

revenues to be understated

Explanation:

A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned legal fees. If the services have been rendered at the end of the accounting period and no adjusting entry is made, then this would cause the revenues to be understated

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