The balance in the unearned fees account, before adjustment at the end of the year, is $14,140.

Question

Question

The balance in the unearned fees account, before adjustment at the end of the year, is $14,140.

Required:

Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $4,270. Refer to the Chart of Accounts for exact wording of account titles.

business accounting

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Answer 1

Answer #1

ANSWER : $ 9830 ( $ 14100 -$4270 )

JOURNAL ENTRY

December 31. (DEBIT) unearned fees $ 9830

. (CREDIT) fees earned. (14100-4270) $ 9830

( to record adjustment entry for unearned fees)

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Answer 2

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The balance in the unearned fees account, before adjustment at the end of the year, is $14,140.