On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. Based on the...

Extracted text: On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. Based on the information provided, Make the initial journal entry for advance payment: a) $5000 b) $3500 c) $1500 DR a) service revenue b) accounts receivable с) cash d) unearned service revenue a) $5000 b) $3500 c) $1500 CR a) service revenue b) accounts receivable с) cash d) unearned service revenue Make December 31 adjusting journal entry: a) $5000 b) $3500 DR a) service revenue b) accounts receivable c) cash c) $1500 d) unearned service revenue a) $5000 b) $3500 c) $1500 CR a) service revenue b) accounts receivable с) cash d) unearned service revenue