My client paid management services 80K fir 6-months services in advance. How we record this transaction in general journal entry?
Should I record 'debit to fees for $80K
Or
Debit to management fees earned for $80K
Or Credit to Unearned Management Fees for 80K
Or
Credit to Management Fees earned for 80K
I am thinking Credit to unearned management fess for 80K. What you think