Problem
On March 1, Thorson Law Company received $8, 600 from a client in advance for 3 months of legal advice. By March 31, Thorson determined that it had done $3, 750 of the work associated with that client.
Write Thorson's March 1 journal entry.
Write Thorson's March 31 end-of-period adjusting entry?
What kind of end-of-period adjusting entry was this?