Homework Answers
Value of job completed = $8,000
It will effect two accounts:
Accounts receivable and fee revenue.
The following adjustment entry will be made at December 31:
| Date | General Journal | Debit | Credit |
| December 31 | Accounts receivable | $8,000 | |
| Fee revenue | $8,000 | ||
| ( To record fee revenue earned) |
First option is correct.
Kindly comment if you need further assistance.
Thanks‼!
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