
Concept explainers
Concept Introduction: The transactions in accounting are recorded in the journal entries form. Journal entries means recording of transactions in a journal in a chronological order. These include the impacted ledgers and the amount. Every
The entries required for closing and preparing of financials are known as
(a)
To prepare: The journal entries using the procedure of initially crediting the unearned fees account when payment is received from a customer in advance of performing services.
To prepare: The journal entries using the procedure of initially crediting the fees earned account when payment is received from a customer in advance of performing services.
The amount of earned fees reported on the income statement for July and the amount of unearned fees reported on the balance sheet as of July 31.

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Chapter 3 Solutions
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