The balance in the unnamed fees account before adjustment at the end of the year, is $33,195.
Journalize the adjusting entry required the amount of unearned fees at the end of the year is $14,000. Refer to the Chart of Accounts for exact wording of account titles,
Homework Answers
Answer :-
| Date | Description | Post. Ref. | Debit | Credit | Assets | Liabilities | Equity | |
|---|---|---|---|---|---|---|---|---|
| 1 | Adjusting Entries | |||||||
| Unearned Fees | $19,195 | ($19,195) | ||||||
| Fees Earned (Note -1) | $19,195 | $19,195 |
Note -1 :-
Fees Earned = Unearned Fees before adjustment - Unearned Fees at the end of year
Fees Earned = $33,195 - $14,000
Fees Earned = $19,195
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