apter 3 eBook Show Me How Calculator Adjusting entry for accrued fees Instructions Chart of Accounts Journal Final Question Instructions At the end of the current year, $59,500 of fees have been earned but have not been billed to clients Required: A. Journalize the adjusting entry to record the accrued lees 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? Adjusting entry for accrued fees Instructions Chart of Accounts Journal Final Question Instructions Chart of Accounts At CHART OF ACCOUNTS General Ledger wording of REVENUE 41 Fees Earned ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation Equipment EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21. Accounts Payable 22 Uneamed Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Cred My Work Assignment Score: 61.54% All work saved Instructions Chart of Accounts AL Journal A. Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of accounts PAGE 1 ACCOUNTING EQUATION JOURNAL DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 1 2 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Check My Work Previa asignment Score: 61.54% All work saved Emainstructor Save and Sut AS X ructions Chart of Accounts Journal Final Question ctions mart of Accounts Journal X Final Question . ccount til B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? UNTING EG LIABILITIE 23 Salaries Payable