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During the current year ended December 31, clients paid fees in advance for accounting services amounting to $25,000. These fees were recorded in an account
During the current year ended December 31, clients paid fees in advance for accounting services amounting to $25,000. These fees were recorded in an account called Unearned Accounting Fees. If $3,500 of these fees remain unearned on December 31 of this year present the December 31 adjusting entry to bring the accounts up to date.
[Hint: If clients paid fees in advance, what account do you need to record?]
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