wailable until you sign in gain Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. Unearned Fees x Feed We a. At the end of an accounting period, there may be revenue that has been eamed but has not been recorded in such cases, the revers is increased. What account is used when you are receiving cash? Learning Objective 2 b. Which of the following statements is correct? Recall that under cash bass, the net income for news is the difference between the cash receipts revenues and the cash payments (expenses) Learning Objective 2 songs Some account services will not be available until you sign in agan Adjusting Entries for Uneamed Fees The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of uneared fees at the end of the year is $3,600. 18.000 X 3.600 X O My Work Recall that neamed revenues are labaites until they become eamed revenues over time or during normal operations. Uneamed foes decrease for the amount of the revenue that has been eamed Leaming Objective 3 Update Apple ID Settings Soma sesunt services will not be wailable until you sign in again View Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $4,850 Joumalize the adjusting entry required if the amount of supplies on hand at the end of the year is $880. 30 x 80 X Feedback Chach My Won Set up a Supplies T-account. Purchases are increases to the account. Onhand is what is for the ending supplies balance. The amount sed decreases supplies and is the suppies expense amount. Solve for the expense by keeping in mind that the beginning balance plus purchases inone mentioned) minus the supplies (used) expense quals the ending balance of supplies. Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account Leaming Objective 3