Instructions The balance in the unearned fees account, before adjustment at the end of the year, is $95,505. Of these fees, $83,195 have been earned. In addition, $33,780 of fees have been earned but have not been billed. Journalize the December 31 adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. = ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land REVENUE 41 Fees Earned 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 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 (a) Journalize the December 31 adjusting entry to adjust the unearned fees account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 1 2 3 DATE DESCRIPTION Adjusting Entries JOURNAL PAGE 10 ACCOUNTING EQUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY (b) Journalize the December 31 adjusting entry to record the accrued fees. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. JOURNAL PAGE 10 ACCOUNTING EQUATION