Question

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 legal services

have been rendered at the end of the accounting period and no adjusting entry is made,

what impact would it have on revenue? Is it necessary to conduct adjustment process if

the trial balance debit and credit columns balances are equal?-Explain briefl​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Answer:  d. revenues to be understated.

If the services have been rendered but the revenue is not recorded it means that your accounts will show less revenue than you have actually earned as in accounting revenue is recognized as soon as the service is rendered, thus not recognizing the revenue when the service is rendered will understate the revenues.

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