The balance in the unearned fees account, before adjustment at the end of the year, is...

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The balance in the unearned fees account, before adjustment at the end of the year, is...

The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Required: Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.

business accounting

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Answer 1

Answer #1

The journal entry is

Account title debit credit

Unearned fees $ 7125

Service fees revenue $ 7125

Calculation

Amount of earned service = $10250 - $3125

= $7125

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Answer 2

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