During the year ended December 31, 2020, clients paid fees in advance for legal services amounting to $5,000. These fees were recorded in an account called Unearned Accounting Service Revenue. If $3,000 of these fees are still unearned on December 31, 2020, what is the required December 31 adjusting entry?
Definitions:
Knowledge
Information, understanding, or skill that one gets from experience or education.
Value
The importance, worth, or usefulness of something, often measured in terms of money, utility, or general desirability.
Departmental Information System
A system designed to support the information management needs of a specific department within an organization, enhancing its efficiency and productivity.
FAIS
Financial Accounting Information System, a specialized subsystem of the information system that collects, processes, and reports information related to the financial aspects of business activities.
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