Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have...

Question

Question

Answer 1

Answer #1

Ans:

A). Adjusting entry

S.no	Account title and Explanation	Debit($)	Credit($)
1	Accounts receivable	$59,500
	Revenue earned		$59,500
	( to record revenue earned not billed)

B). There is no Entry required as if the cash basis accounting is used and revenues are recognized only when the cash is received

Answer 2

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