Sylvester Company Requires Clients to Pay in Advance for Legal

question 53

Multiple Choice

Sylvester Company requires clients to pay in advance for legal services.One such client made a $4,000 payment on May 1, and Sylvester Company recorded this transaction in the appropriate liability account.As of May 20, the legal services that the client requested had been completed.The May 20 accounting entry will:

• A)decrease assets and increase revenues
• B)decrease assets and decrease liabilities
• C)increase revenues and increase liabilities
• D)decrease liabilities and increase revenues

Understand the significance of embracing diversity and inclusivity in the workplace.

Understand the concept of disinflation and its occurrence.

Grasp the concept of deflation and identify when it begins.

Ability to interpret economic data related to inflation trends.