Answer to Question #47161 in Finance for Felisia Fitri Anita
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.
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