Ask Question
24 January, 05:06

The balance in the unearned fees account, before adjustment at the end of the year, is $95,500. Of these fees, $82,760 have been earned. In addition, $32,640 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 exact wording of account titles.

+1
Answers (1)
  1. 24 January, 06:29
    0
    The adjusting entries are shown below:

    a. Unearned Fees A/c Dr $82,760

    To Fees Earned A/c $82,760

    (Being unearned fees are adjusted)

    For recording the transactions we debited the unearned fees account and credited the fees earned account

    b. Accounts Receivable A/c Dr $32,640

    To Fees Earned A/c $32,640

    (Being accrued fees recorded)

    As the earned fees do not bill so we debited the account receivable account and credited the fees earned account
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The balance in the unearned fees account, before adjustment at the end of the year, is $95,500. Of these fees, $82,760 have been earned. In ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers