Question

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

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

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...

Q: https://ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/edmonds_fmac_9e/pva_of...

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.

Q: The following errors took place in journalizing and posting transactions:a. Insurance of $18,000 pai...

A: a.Prepare the correcting entry to correct the error of payment of insurance during the current year:

Q: Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently bei...

A: There is a mismatch in the amounts thus the accounting equation has not balanced. so by assuming the...

Q: I need D answerd please.

A: Dividend PaidA dividend is a payment made by a corporation to its shareholders, usually as a distrib...

Q: What are bad debts expenses? Give four examples?

A: Bad debts expense: Bad debts expense can be defined as those accounts receivable that a firm does no...

Q: Bozeman College requires students to pay tuition each term before classes begin. Students who have n...

A: Accounting follows the double-entry bookkeeping system. The basic rules of double-entry bookkeeping ...

Q: The revenues and expenses of Adventure Travel Service for the year ended April 30, 2019, follow:Fees...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: Denise Bunch is the sales manager for a tractor supply company. She earns an annual bonus based on s...

A: Describe and explain whether the warranty accrual recommendation creates an ethical dilemma for Bunc...

Q: Describe the differences between a data flow diagram and a system flowchart. Give an example of when...

A: Data flow diagram and system flowcharts are used in the business to graphically represent the proces...

Q: The following ratios have been computed for Pina Colada Company for 2022. Profit margin ratio   2...

A: As per authoring guidelines first three parts of the question are answered.

Q: P 4-1 Calculations five years after acquisition Pam Corporation purchased 75 percent of the outst...

A: Click to see the answer

Q: The financial statements are interrelated. (a) What item of financial or operating data appears on b...

A: (a)The result of income statement is reported as net income or net loss, and the same is reported on...

Q: When preparing the financial statements for the year ended October 31, accrued salaries owed to empl...

A: Accrued salary is referred to the amount of salary which is earned by the employees of the organizat...

Q: Give four differences between implicit cost and explicit cost?

A: Explicit cost: Explicit cost refers that, a direct payment made by firm to others in course of runni...

Q: Part 4 through 5

A: Part 4:

Q: T-ACCOUNTS (Beginning Balance and Debit Side) Please explain how to find the missing amounts.  Show ...

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this ac...

Q: Question 22 nts -/1 View Policies Current Attempt in Progress ns Drew Enterprises reports all its sa...

A: The correct answer is $312,000.

Q: Cory Neece is planning to manage and operate Eagle Caddy Service at Canyon Lake Golf and Country Clu...

A: a. Prepare a chart of accounts that would be appropriate for Service EC.The accounts are arranged in...

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

A: Sales margin represent the amount or percentage of profit generated from sales.

Q: Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the...

A: Click to see the answer

Q: Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $875,00...

A: a. Calculation of the amount of the adjusting entry for uncollectible:  

Q: Determine the number of operating hours such that the present value of cash flows equals the amount ...

A: Cash flow: Cash flow is the monetary consideration (return or income) received by the business for i...

Q: Identify the four different categories of adjusting entries frequently required at the end of an acc...

A: Adjusting entries are those entries which are made at the end of the accounting period, to record th...

Q: An investment that costs $25,000 will produce annual cash flows of $5,000 for a period of 6 years. F...

A: Net present value method (NPV): Net present value method is the method which is used to compare the ...

Q: please answer question 19

A: Click to see the answer

Q: The following errors took place in journalizing and posting transactions:a. Rent expense of $4,650 p...

A: Hence, the reverse of incorrect entry is done by debiting rent expenses and crediting the miscellane...

Q: SWEET VALLEY, INC. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets $ 26,300 Cu...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: please answer question 22

A: The correct answer is Option (c) $1,200,000.

Q: Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. R...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: The following errors occurred in posting from a two-column journal:1. A credit of $6,000 to Accounts...

A: The error that would cause the trial balance to be out of balance, the amount by which the trial bal...

Q: The Russell Company provides the following standard cost data per unit of product: Direct material (...

A: Direct labor usage variance: It is a measure that determines the variation between actual and standa...

Q: The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation foll...

A: Calculate owner's equity for Inorporation D:

Q: The following errors took place in journalizing and posting transactions:a. Cash of $8,800 received ...

A: Errors:  An error is a mistake committed in the process of book-keeping or in accounting.  In some c...

Q: MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. Th...

A: a. Compute the amount of desired profit from the production and sale of 5,080 cell phones:

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a c...

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after 1...

Q: how to make an income statement.

A: A statement which is prepared to know how well the company is performing and to ascertain the compan...

Q: eCatalog Services Company performed services in October for a specific customer for a fee of $7,890....

A: State recognition of revenue earned in the month as shown below: The e-Catalog services company perf...

Q: Describe how the following business transactions affect the three elements of the accounting equatio...

A: Accounting equation: Accounting equation consists of assets, liabilities and capital. Total assets a...

Q: Why are most large companies like Microsoft, PepsiCo, Caterpillar, and AutoZone organized as corpora...

A: Corporation: The form of business entity, which is incorporated by state law into a separate legal e...

Q: Average Rate of Return The following data are accumulated by Watershed Inc. in evaluating two compet...

A: Compute average income.

Q: Give five examples of tangible assets and intangible assets?

A: A physical asset owned by a company whose value can be easily quantified is known as a tangible asse...

Q: T-ACCOUNTS FORMULAS/EQUATIONS Please provide the formula/equation to find the missing amount for the...

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this ac...