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Answer to Question #47161 in Finance for Felisia Fitri Anita

Question #47161
The balance in the unearned fees account, before adjustment at the end of the year, is
$112, 790. Of these fees, $69,735 have been earned. In addition, $13, 200 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's answer
The balance at the end of the year is $112, 790. Of these fees: $69,735 have been earned, $13, 200 have been earned but have not been billed.
(a) The adjusted unearned fees account will be: 112,790 + 69,735 + 13,200 = $195,725.
(b) The records of the accrued fees will be:
Debit                                                                
Balance            112,790                      
Fees earned    69,735
Fees Payable  13,200
Ending balance 195,725

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