Adjusting entry for accrued fees Instructions Chart of Accounts Journal Final Question Instructions At the end of the current year, $24,550 of fees have been earned but have not been billed to clients. Required: A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE CONTOWN 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 51 Advertising Expense 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense LIABILITIES 21 Accounts Payable 22 Unearned Fees 59 Miscellaneous Expense 23 Salaries Payable 24 Taxes Payable Chart of Accounts 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Advertising Expense 52 Insurance Expense 15 Land M I o 16 Equipment 17 Accumulated Depreciation-Equipment 53 Rent Expense 54 Salary Expense 55 Supplies Expense LIABILITIES 56 Utilities Expense 21 Accounts Payable 57 Depreciation Expense 22 Unearned Fees 59 Miscellaneous Expense 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Adjusting entry for accrued fees Instructions Chart of Accounts Journal Final Question Journal A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of account titles. Co now PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries Adjusting entry for accrued fees Instructions Chart of Accounts Journal Final Question Journal Final Question B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary