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

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Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to

At the end of the current yea a. Journalize the adjusting e Accounts Payable Accounts Receivable b. Er tha Cash Fees Earned F

business accounting

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Answer 1

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Solution-

(A) Journal entry when $ 59500 of fees have been earned but have not billed to client.

S.no	Title	Debit$	credit$
a	Account receivable. Dr	$59500
	To fees earned		$59500
	( Revenue has been earned from client)

(B) In this case the Adjusting entry is not required because no entry is recorded unless cash is received in cash basis, in this case entry is only done when cash is received under cash basis.

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Answer 2

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