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Journalize the adjusting entry in good form. The balance in the unearned fees account, before adjustment...

Journalize the adjusting entry in good form. The balance in the unearned fees account, before adjustment at the end of the year, is $25,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $5,500.

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Answer #1
  • If the amount of Unearned Fees at the end of the year is $ 5,500, and Unadjusted balance in Unearned Fees account is $ 25,000, this means that out of $ 25,000, $ 19,500 [25000 – 5500] have been earned during the period.
  • Hence, through an adjusting entry, $ 19,500 is to be recorded as revenue earned by crediting Fees Revenues or Fees earned account.
  • Adjusting Entry would be:

General Journal

Debit

Credit

Unearned Fees

$          19,500.00

Fees Earned [or Fees revenue]

$         19,500.00

(unearned revenue now earned)

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