Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need help filling out this chart please. Sjusting entry for accrued fees Instructions HI Chart of Accounts Journal Final Question + Instructions At the
i need help filling out this chart please.
Sjusting entry for accrued fees Instructions HI Chart of Accounts Journal Final Question + Instructions At the end of the current year, $24,100 of tees 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? uctions Chart of Accounts General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies EXPENSES 14 Prepaid Insurance 51 Advertising Expense 15 Land 52 Insurance Expense 53 Rent Expense 16 Equipment 17 Accumulated Depreciation-Equipment 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 H Journal A. Journalize the adjusting entry to record the accrued tees on December 31. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTIN POST. REF DATE DEBIT CREDIT ASSETS LIAB DESCRIPTION Adjusting Entries 1 2 3 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started