Modern Arts designs houses for various clients. Its unadjusted trial balance as at December 31, 2010 showed, among others, Unearned Professional Fees Income of 350,000 representing two accounts collected in advance: Delilah account, 150,000 and the Samson Account, 200,000. As at December 31 the Delilah account is still on the drawing board. Required: a. Prepare the entry to adjust the unearned revenue and recognize Professional Fee Income. b. Make postings to the general ledger accounts appearing below: Unearned Professional Fees Professional Fees Debit Credit Debit Credit C. Extract the balance. Determine how much will be reported in the income statement and in the balance sheet. Income Statement: Professional Fees Balance Sheet: Unearned Professional Fees