Adjusting Entry for Accrued Fees At the end of the current year, $8,380 of fees have...
Adjusting Entry for Accrued Fees
At the end of the current year, $8,380 of fees have been earned but have not been billed to clients.
a. Journalize the adjusting entry to record the accrued fees.
b. If the cash basis rather than the accrual
basis had been used, would an adjusting entry have been
necessary?
Homework Answers
Requirement a
| Date | General Journal | Debit | Credit |
| 31-Dec | Accounts Receivable | $ 8,380.00 | |
| Fees revenue | $ 8,380.00 | ||
| (To record revenue accrued) |
Accounts receivable will be debited and service revenue will be credited to record service revenue earned.
Requirement b
No
There will be no need for any adjusting entry if cash accounting is used. In cash accounting the cash received will be recorded as revenue and not the revenue accrued.
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Adjusting Entry for Accrued Fees
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