Give the adjusting entry that is necessary on 2010 December 31, if financial statements are prepared… 1 answer below »

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Guilty & Innocent, a law firm, performed legal services in late December 2010 for clients. The USD 30,000 of services would be billed to the clients in January 2011.

Give the adjusting entry that is necessary on 2010 December 31, if financial statements are prepared at the end of each month.

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