On May 1, 2019, AIPNA Advertising Company received $3,600 from John Smith for advertising services to be completed through April 30, 2020. The Cash receipt was recorded by AIPNA as unearned fees. The adjusting entry on December 31, 2020 should include: E)

1. a debit to Earned Fees for $3,600.
2. a debit to Unearned Fees for $1,200.
3. a credit to Unearned Fees for $1,200.
4. a debit to Earned Fees for $2,400.
5. a credit Earned Fees for $2,400.