Asked Dec 4, 2019

The balance in the unearned fees account, before adjustment at the end of the year, is $97,770. Of these fees, $39,750 have been earned. In addition, $24,650 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees.


Expert Answer

Step 1

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) a...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in



Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Sec...

A: Federal Unemployment Tax Act (FUTA): The federal unemployment tax is welfare scheme of a social secu...



A: (a) Calculation of net present value: 


Q: Generalized Statement Instructions Instructions Multiple-Step Income Statement Use the following inf...

A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,...


Q: Chem Manufacturing Company processes direct materials up to the split-off point where two products (...

A: Calculate the amount of sales for Product X.


Q: Interest Costs During Construction Comprehensive Illustration: On November 1, 2016, Shalla Company c...

A: Calculation of weighted-average accumulated expenditures for 2017: Resulting excel sheet is as follo...


Q: The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2019, the end of t...

A: 1.Calculate income statement


Q: Assume the Hiking Shoes division of the All About Shoes Corporation had the following results last y...

A: Capital turnover is the ratio of sales to net capital.Total sales=$14,000,000. Total Assets=1500,000...


Q: McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making al...

A: (a) Assuming that no errors have occurred during journalizing and posting the unusual balance of the...


Q: Acquisition of Land and Building On February 1, 2019, Edwards Corporation purchased a parcel of land...

A: 1. The land would be valued at $132,000 and the building will be valued at $645,000.