Homework Answers
a)
Journal
| Dec. 1 | Cash | 11,450 | |
| Unearned fees | 11,450 | ||
| (To record service revenue received in advance) |
b)
Journal
| Dec. 31 | Unearned fees | 2,290 | |
| Fees earned | 2,290 | ||
| (To record service revenue earned) |
Fee revenue for 5 months = $11,450
Fee revenue for 1 month = $11,450 x 1/5
= $2,290
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