Question
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $96,440. Of
Adjusting Entries for Unearned and Accrued Fees
The balance in the unearned fees account, before adjustment at the end of the year, is $96,440. Of these fees, $59,795 have been earned. In addition, $11,570 of fees have been earned but have not been billed.
a. Journalize the adjusting entry to adjust the unearned fees account.
| Accounts PayableAccounts ReceivableCashFees EarnedFees ExpenseFees PayablePrepaid FeesUnearned FeesUnearned Receivable | - Select - | ||
| Accounts PayableAccounts ReceivableCashFees EarnedFees ExpenseFees PayablePrepaid FeesUnearned Fees | - Select - |
b. Journalize the adjusting entry to record the accrued fees.
| Accounts PayableAccounts ReceivableCashFees EarnedFees ExpenseFees PayablePrepaid FeesUnearned Fees | - Select - | ||
| Accounts PayableAccounts ReceivableCashFees EarnedFees ExpenseFees PayablePrepaid FeesUnearned Fees | - Select - |
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
8th Edition
0470929383, 978-0470929384
