Mike Conway is a lawyer who requires that his clients pay him in advance of legal services rendered. Mike routinely credits Service Revenue when his clients pay him in advance. In June Mike collected $16,000 in advance fees and completed 75% of the work related to these fees. What adjusting entry is required by Mike's firm at the end of June? 
Definitions:
Team Selling
A sales approach where a group of salespeople work together to sell products or services to customers.
Supply Chain Personnel
Employees involved in managing the flow of goods, services, and information from the supplier to the customer.
Major Retailers
Large and influential retail businesses that operate on a national or international scale, typically dominating market sectors or industries.
Seminar Selling
A sales method that involves organizing educational meetings or workshops aimed at pitching a product or service to potential buyers.
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