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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
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Phoniex University
Oct-2001 - Nov-2016
Accounting for Revenue Received in Advance
E8A. Chris Gayle, a lawyer, received $72,000 on October 1 to represent a client in real estate negotiations over the next 12 months.
1.   Prepare the journal entries required in Gayle’s records on October 1 and at the end of the fiscal year, December 31.
2.   ACCounting ConneCtion ▶ How would this transaction be reflected on the income statement and balance sheet on December 31?
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------sol-----------uti-----------on.-----------Ple-----------ase----------- pi-----------ng -----------me -----------on -----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be----------- ca-----------tch-----------