Question

wailable until you sign in gain 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 clients. a. Journalize the adjusting entry to record the accrued fees. Unearned Fees x Feed We a. At the end of an accounting period, there may be revenue that has been eamed but has not been recorded in such cases, the revers is increased. What account is used when you are receiving cash? Learning Objective 2 b. Which of the following statements is correct? Recall that under cash bass, the net income for news is the difference between the cash receipts revenues and the cash payments (expenses) Learning Objective 2

Answer 1

	Accounts title and explanation	Debit ($)	Credit ($)
a)	Accounts receivable	$59,500
	Fees revenue		$59,500
b)	Statements are not given, hence we are unable to answer this requirement.
c)	Unearned fees revenue	$3,600
	Fees revenue		$3,600
d)	Supplies expenses ($4850-$880)	$3,970
	Supplies		$3,970