The balance in the unearned fees account, before adjustment at the end of the year,...
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Accounting
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.
(a) Journalize the December 31 adjusting entry to adjust the unearned fees account. Refer to the Chart of Accounts for exact wording of account titles.
(b) Journalize the December 31 adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSGeneral Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17
Accumulated Depreciation-Equipment
LIABILITIES
21
Accounts Payable
22
Unearned Fees
23
Salaries Payable
24
Taxes Payable
EQUITY
31
Common Stock
32
Retained Earnings
33
Dividends
REVENUE
41
Fees Earned
EXPENSES
51
Advertising Expense
52
Insurance Expense
53
Rent Expense
54
Salary Expense
55
Supplies Expense
56
Utilities Expense
57
Depreciation Expense
59
Miscellaneous Expense
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