Asked Dec 4, 2019

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.
a. Journalize the adjusting entry to record the accrued fees.
b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.


Expert Answer

Step 1

a. Prepare adjusting journal entry to reco...


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Post Debit Credit Account Titles and Explanation Date Ref. (S) (S) December Accounts receivable 59,500 31 Service revenue 59,500 (To record the fees earned but not yet received at the end of the year)


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