Answered: At the end of the current year, $59,500… | bartleby

FINANCIAL ACCOUNTING

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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Question

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.

	Required:
A.	Journalize the adjusting entry to record the accrued fees on December 31. Refer to the Chart of Accounts for exact wording of account titles.
B.	If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

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