Question

Adjustments for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at...

Adjustments for Unearned and Accrued Fees

The balance in the unearned fees account, before adjustment at the end of the year, is $540,500. Of these fees, $54,050 have been earned. In addition, $162,150 of fees have been earned but not billed to clients. What are the adjustments (a) to adjust the unearned fees account and (b) to record the accrued fees? Indicate for each account affected whether the account is increased or decreased, and the amount of the increase or decrease.

Account

Increase/Decrease

Amount

a.

Unearned fees

$

Fees earned

$

b.

Accounts receivable

$

Fees earned

$
Business   Accounting   
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Answer #1
Adjustment entry to record the earned fees out of unearned fees
No. Account Titles Debit Credit
a   Unearned Fees $54,050.00
Fees Earned $54,050.00
Journal entry to record the accrued fees
No. Account Titles Debit Credit
a   Accounts Receivables $162,150.00
Fees Earned $162,150.00
Answer
Account Increase / Decrease Amount
a Unearned Fees Decrease $54,050.00
Fees Earned Increase $54,050.00
b Accounts Receivables Increase $162,150.00
Fees Earned Increase $162,150.00
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