At the end of the current year, $59,500 of fees have been earned but have not been

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At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.

a. Journalize the adjusting entry to record the accrued fees.

b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.

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Financial And Managerial Accounting

ISBN: 9781337902663

15th Edition

Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler

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Question Posted: Feb 06, 2024 01:29 PM

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At the end of the current year, $59,500 of fees have been earned but have not been

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a Journalize the adjusting entry to record the accrued fees On an accrual basis of accounting revenue is recognized when earned not necessarily when c...View the full answer

Financial And Managerial Accounting

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