a law firm billed a client $2,600 for work performed in the current month. which of the following general journal entries will the firm make to record this transaction?

Question

davionwilliam799 davionwilliam799

14-12-2022
Business

contestada

a law firm billed a client $2,600 for work performed in the current month. which of the following general journal entries will the firm make to record this transaction?

Respuesta :

Otras preguntas

Which of these is a natural source of pollution? a.rain b.pesticides c.dust storms d.fossil fuels?

Researchers must always use more than one library to gain enough material for a research paper . True or false?

An ostinato can be repeated rhythmically as well as melodically. True or false

Some organisms obtain energy and nutrients from plants in an ecosystem. These organisms have energy stored in their bodies. What happens to the energy in the ec

President a0 was elected by a compromise over two sets of votes from the South.

Which political figure does the monk not include in his parables?

Which is the BEST description of the impact of Shays' Rebellion on American politics? A) Shays' Rebellion was a major factor in the establishment of the An

Compute the most rational way. 268∙82+268∙17−168∙99 What is the most rational way to solve this?

Select all that apply. Three improvements sought by workers included: -higher wages -childcare -fewer hours -better working conditions -more hours

Two contour lines that are close together show a steep slope, true or false

okpalawalter8 okpalawalter8 · Answer 1 · 2022-12-21T17:31:49+01:00

a law firm billed a client $2,600 for work performed in the current month.

Debit: Accounts Receivable (asset) $2,600 Credit: Fees Earned (revenue) $2,600

What are general journal entries?

Generally, To record this transaction, the law firm would make the following general journal entry:

Debit: Accounts Receivable (asset) $2,600 Credit: Fees Earned (revenue) $2,600

This entry records the fact that the law firm has earned $2,600 in fees from the client and that the client now owes the law firm $2,600.

The accounts receivable asset account reflects the fact that the law firm has the right to receive payment from the client in the future, and the fees earned revenue account reflects the fact that the law firm has earned the revenue from the client's payment.

It's important to note that this journal entry assumes that the law firm has not yet received payment from the client. If the client has already paid the $2,600, the law firm would need to make a separate journal entry to record the receipt of payment.