The balance in the unearned fees account, before adjustment at the end of the year, is $18,000.

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The balance in the unearned fees account, before adjustment at the end of the year, is $18,000.

Journalize the adjusting entry required if the amount of uneared fees at the end of the year is $3,600. If an amount box does not require an entry, leave it blank.

business accounting

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Answer 1

Answer #1

Unearned fees is the payment received by a company from a customer for products or services that will be delivered at some point in the future.

The revenue initially be recognised as a liability after which when it is earned or performed , it is transfered from Unearned Fees to Fees earned.

Here amount transfered to Fees earned will be $18,00 -$3,600 = $14,400

Journal entry will be :

Unearned Fees	$14,400
Fees Earned		$14,400

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Answer 2

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The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000

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