Answered: Adjusting Entries for Unearned and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Adjusting Entries for Unearned and Accrued Fees

The balance in the unearned fees account, before adjustment at the end of the year, is $123,110. Of these fees, $76,330 have been earned. In addition, $14,770 of fees have been earned but have not been billed

a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank.

b. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.

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Step 1

Adjusting Entries Are Journal Entries Recorded At The Last Day Of An Accounting Cycle.

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