**Scenario: Adjusting Journal Entry for Accrued Fees**At the end of the current year, fees of $6,850 have been earned but have not been billed to clients. Journalize the adjusting entry for the accrued fees. If an amount box does not require an entry, leave it blank.**Instructions:**1. Use the dropdown menus to select the appropriate accounts.2. Enter the corresponding amounts in the boxes provided.3. Leave any unnecessary amount boxes blank.(Note: The dropdowns and amount boxes are part of an interactive exercise to practice journalizing entries in accounting.)

At the end of the current year, fees of $6,850 have been earned but have not been billed to clients. Journalize the adjusting entry for the accrued fees. If an amount box does not require an entry, leave it blank.

At the end of the current year, fees of $6,850 have been earned but have not been billed to clients. Journalize the adjusting entry for the accrued fees. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Future Tech borrows $18,000 on August 1 from the bank by signing a $18,000, 6%, 1- year note…

A: Lets understand the basics.Bonds are considered a financial instrument used to raise finance for the…

Q: The prepaid insurance account had a balance of $5,300 at the beginning of the year. The account was…

A: AN INSURANCE POLICY WHERE THE INSURER RECEIVES PREMIUM PAYMENTS IN ADVANCE, AND THE COVERAGE FOR THE…

Q: Exercise 9-14 On July 1, 2020, Blue Spruce Aggregates Ltd. purchased 5% bonds to allocate…

A: Part 1: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both…

A: In the books of sandbill company

Q: in december 2022, the fixed monthly insurance debit order was not processed due to an oversight by…

A: As per Accrual concept every income and expense should be recognise in the books of accounts as and…

Q: Benderson, Inc. makes adjusting journal entries (AJEs) at the end of every month when they prepare…

A: As per the accrual method of accounting, all the revenues and expenses incurred in relation for…

Q: On June 1, Cullumber Company Ltd. borrows from Scotiabank on a 6-month, $42,400,9% note. The note…

A: The objective of the question is to prepare the journal entries for the loan taken by Cullumber…

Q: At the end of the current year, fees of $6,955 have been earned but have not been billed to clients.…

A: A journal entry is a formal record of a financial transaction that is recorded in the general…

Q: If Metlock Company uses the allowance method to account for uncollectible accounts, journalize the…

A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…

Q: On July 1, 2019, Carla Vista Co. pays $ 21.500 to Kingbird Insurance Co. for a 4-year insurance…

A: The process of recording business transactions in the books of accounts for the first time is known…

Q: At December 31, 2018, the Accounts Receivable balance of Questor Application Inc is $190,000. The…

A: Allowance for uncollectible accounts represents a contra-asset account and is reflected as a…

Q: On July 1. 2022, Damlen Jurado Company pays $12,000 to its insurance company for a 2-year insurance…

A: Solution:- Preparation of journal entries as follows under:- On July 1,2022 pays $12,000 for 2 years…

Q: Sarasota has year-end account balances of Sales Revenue $868,064, Interest Revenue $14,27O, Cost of…

A: Closing entries are entries passed at the end of the period to close out revenue accounts, expense…

Q: the direct write-off method to account for uncollectible accounts, journalize the adjusting entry

A: Direct write-off method: This method does not make allowance or estimation for uncollectible…

Q: At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $2,800…

A: Allowance for Uncollectible Accounts or Doubtful Debt is a contra assets account that nets against…

Q: Sunshine and Rainbows Resort had the following balances at December 31, 2025, before the year-end…

A: Step 1:Computation of the estimated uncollectibles using the aging-of-receivables method:Age of…

Q: Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for…

A: The adjusting entries are recorded before the preparation of the financial statements to show the…

Q: At the end of the current year, $11,930 of fees have been earned but have not been billed to…

A: Adjusting entries are those entries which help in making the adjustments yo the accounts as well as…

Q: Crane Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect…

A: Journal entry:The monetary transaction of business is recorded in the books of accounts called the…

Q: please provide compulsory explanation , narration , computation clearly for each part and steps…

A: Journal entries are used to record all the financial transactions in a business. It helps to know…

Q: On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500.…

A: Allowance for Doubtful Accounts - The Allowance for doubtful accounts is determined as the…

Q: If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize…

A: Under the direct write-off method, the uncollectible accounts are directly written off from the…

Q: 1. 2019, Shemeld Corp. pays $20,700 to Kaiter Insurance Co. for a 3-year insurance contract. Both…

A: Working note: Prepaid insurance : $20700/3 = $6900 Prepaid insurance for 6 months $6900 x 6/12 =…

Q: At the end of the year, Mercy Cosmetics’ balance of Allowance for Uncollectible Accounts is $420…

A: Journal entry is the first stage of accounting process. Journal entry used to record business…

Q: Prepare the adjusting journal entries for the following transactions. (If no entry is required for a…

A: Adjusting entries are made to record the expenses or revenues that relate to the period in which…

Q: must complete parts 1, 2, and 3 before completing p- Based on the following selected data,…

A: Date Accountand Explanation Debit Credit a Bad Debt Expense $18,000 Allowance for Doubtful…

Q: Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year’s…

A: Adjusting entries are made at the end of the accounting period. The objective of adjusting entries…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Required information Use the following information for the Exercises 18-19 below. (Algo) [The…

A: Notes receivable is an instrument issued by the payer to the receiver against the unpaid amount. It…

Q: Bramble Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions…

A: Adjusting journal entry on 31 December:- Date Account Titles and Explanation Debit Credit Dec…

Q: Ingrid Inc. has an ending Accounts Receivable balance of $833,720 and a credit balance of $3,620 in…

A: Accounts receivable refers to the amounts to be received within a short period from customers upon…

Q: Prepare the journal entries for Oriole for this revenue arrangement on June 1, 2025 and September…

A: A journal entry is a record of a business transaction in your business books. In double-entry…

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Journal is the book of original entry in which all the financial transactions of the business are…

Q: At the end of the current year, $18,540 of fees have been earned but have not been billed to…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows.…

A: 2. Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Q: Teal Company is presently testing a number of new agricultural seed planters that it has recently…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Blossom Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant)…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…

Q: Allowance for Uncollectible Accounts is a contra asset account, which means that its normal balance…

A: The questions here pertain to contra asset accounts. Note that contra asset accounts are those…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

**Scenario: Adjusting Journal Entry for Accrued Fees**

At the end of the current year, fees of $6,850 have been earned but have not been billed to clients. Journalize the adjusting entry for the accrued fees. If an amount box does not require an entry, leave it blank.

**Instructions:**

1. Use the dropdown menus to select the appropriate accounts.
2. Enter the corresponding amounts in the boxes provided.
3. Leave any unnecessary amount boxes blank.

(Note: The dropdowns and amount boxes are part of an interactive exercise to practice journalizing entries in accounting.)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introducing Journal Entries

VIEW

Step 2: Working for Preparation of Journal Entry to Record Accrued Fees

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On July 1, 2025, Novak Co. pays $10,200 to Splish Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Splish Insurance Co. Splish uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
The following are selected 2020 transactions of Culver Corporation. Sept. Purchased inventory from Encino Company on account for $46,800. Culver records purchases gross and uses a periodic inventory system. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date tember 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. tember 1 V er 1 Account Titles and Explanation Purchases Accounts Payable Accounts Payable Notes Payable Cash Discount on Notes Payable Notes Payable Debit 46800 46800 46800 3120 Credit 46800 46800 49920
The company determines that the interest expense on a note payable for the period ending December 31 is $700. This amount is payable on January 1. Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 1 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
Vinubhai
Dog
The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,500 (credit) before adjustment. The company estimates future uncollectible accounts to be $7,500. What adjusting entry would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Provide Answer
A company uses the allowance method to account for uncollectible accounts. During the year, the company has actual bad debts of $27,000. Record the write-off of the uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the write-off of the uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 4). F12 F7 Fo F3 # 2$ 5 6 7 8 9 { E R Y F G H. K S < M C V alt command option command + lI .. .-
The balance in the unearned fees account, before adjustment at the end of the year, is $13,010. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $4,110. If an amount box does not require an entry, leave it blank.