question 16\n1 pts\nthe cincinnati law institute collected $3,600 on account for work performed in the…

question 16\n1 pts\nthe cincinnati law institute collected $3,600 on account for work performed in the previous month. the client was billed and the revenue was reported in the previous month. cincinnati law institute will make which of the below journal entries to record this transaction?\ndebit legal fees revenue, $3,600; credit accounts receivable, $3,600.\ndebit cash, $3,600; credit accounts payable, $3,600.\ndebit accounts receivable, $3,600; credit cash, $3,600.\ndebit cash, $3,600; credit accounts receivable, $3,600.\nquestion 17\n1 pts\nthe cincinnati law institute completed a case and immediately collected $2,100 for the work performed. cincinnati law institute will make which of the below journal entries to record this transaction?\ndebit cash, $2,100; credit accounts payable, $2,100.\ndebit accounts receivable, $2,100; credit legal fees revenue, $2,100.\ndebit cash, $2,100; credit legal fees revenue, $2,100.\ndebit legal fees revenue, $2,100; credit accounts receivable, $2,100.

question 16\n1 pts\nthe cincinnati law institute collected $3,600 on account for work performed in the previous month. the client was billed and the revenue was reported in the previous month. cincinnati law institute will make which of the below journal entries to record this transaction?\ndebit legal fees revenue, $3,600; credit accounts receivable, $3,600.\ndebit cash, $3,600; credit accounts payable, $3,600.\ndebit accounts receivable, $3,600; credit cash, $3,600.\ndebit cash, $3,600; credit accounts receivable, $3,600.\nquestion 17\n1 pts\nthe cincinnati law institute completed a case and immediately collected $2,100 for the work performed. cincinnati law institute will make which of the below journal entries to record this transaction?\ndebit cash, $2,100; credit accounts payable, $2,100.\ndebit accounts receivable, $2,100; credit legal fees revenue, $2,100.\ndebit cash, $2,100; credit legal fees revenue, $2,100.\ndebit legal fees revenue, $2,100; credit accounts receivable, $2,100.

Answer

Brief Explanations:

Question 16:

When the institute collects on account for work previously billed and revenue - recognized, cash increases (debit cash) and accounts receivable decreases (credit accounts receivable).

Question 17:

When the institute completes a case and immediately collects cash, cash increases (debit cash) and legal fees revenue is recognized (credit legal fees revenue).

Answer:

Question 16:

Debit Cash, $3,600; credit Accounts Receivable, $3,600.

Question 17:

Debit Cash, $2,100; credit Legal Fees Revenue, $2,100.