what type of account are fees earned
Homework Answers
Answer- Fees earned is a revenue account, which is shown in revenue section of the income statement of the organisation. It includes fees revenue earned during the accounting period .
At the end of the accounting period, the Service Fees Earned account has a balance of...
At the end of the accounting period, the Service Fees Earned account has a balance of $76,000. The accountant makes two adjustments--one to accrue unbilled service fees of $6,000, and the other to reduce the Unearned Service Fees liability account by $900. After the adjustments are posted, the Service Fees Earned account has a balance of: Select one: a. $75,400 b. $82,900 c. $79,900 d. $72,100 e. None of the above
The account name is not Sales Fees earned Salaries commission What can it be ? And...
The account name is not
Sales
Fees earned
Salaries commission
What can it be ?
And how do I Right the owners statement ???
Balandn Sheet On July 1, 2019, Pat Glenn established Half Moon Realty Pat completed the following transactions during the month of July A Opened a business bank account with a deposit of $25,000 from personal funds. B. Purchased office supplies on account, $1,850 C. Paid creditor on account, $1,200. D. Eamed sales commissions, receiving cash, $41,500....
Transactions Aug. 1 Billed customers for fees earned, $74,140. 4 Purchased supplies on account, $2,150. 8...
Transactions
Aug.
1
Billed customers for fees earned, $74,140.
4
Purchased supplies on account, $2,150.
8
Received cash from customers on account, $62,770.
11
Paid creditors on account, $890.
B. Post the entries prepared in (A) to the following T accounts:
Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned.
To the left of each amount posted in the accounts, select the
appropriate date.
continued labels at the top
this is an example of the set up
Cash 8/1 х 74,140.00...
Billed customers for fees earned, $112,700. Purchased supplies on account, $4,500. Received cash from customers on...
Billed customers for fees earned, $112,700. Purchased supplies on account, $4,500. Received cash from customers on account, $88,220. Paid creditors on account, $3,100. a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. (1) (2) (3) (4) b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees...
OBJ. 2 EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adj...
OBJ. 2 EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is 596,000. Of these fees, $78,500 have been earned. In addition, $23,600 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees.
The balance in the unearned fees account, before adjustment atthe end of the year, is...
The balance in the unearned fees account, before adjustment at
the end of the year, is $95,500. Of these fees, $82,760 have been
earned. In addition, $32,640 of fees have been earned but have not
been billed.Journalize the December 31 adjusting entries (a) to adjust the
unearned fees account and (b) to record the accrued fees. Refer to
the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSGeneral LedgerASSETS11 Cash12 Accounts Receivable13 Supplies14 Prepaid Insurance15 Land16 Equipment17 Accumulated...
please answer all of these thank you 1. Under cash accounting, a credit to fees earned...
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
Plumlee Corporation has the following account balances at December 31, 2017 Debit Credit Services Fees Earned...
Plumlee Corporation has the following account balances at December 31, 2017 Debit Credit Services Fees Earned $92,500 cr Interest Income 2,200 cr Salaries Expense $41,800 debit Advertising Expense 4,300 debit Depreciation Expense 8,700 debit Income Tax Expense 9,900 debit Retained Earnings 42,700 cr Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the ledger accounts and post the entries to them. After these entries are posted, what is the balance of the Retained...
At the end of the current year, $17,556 of fees have been earned but have not been billed to clients.
At the end of the current year, $17,556 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.Journalize the adjusting entry at the end of the year (December 31), to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.
The account name is not
Sales
Fees earned
Salaries commission
What can it be ?
And how do I Right the owners statement ???
Balandn Sheet On July 1, 2019, Pat Glenn established Half Moon Realty Pat completed the following transactions during the month of July A Opened a business bank account with a deposit of $25,000 from personal funds. B. Purchased office supplies on account, $1,850 C. Paid creditor on account, $1,200. D. Eamed sales commissions, receiving cash, $41,500....
Transactions
Aug.
1
Billed customers for fees earned, $74,140.
4
Purchased supplies on account, $2,150.
8
Received cash from customers on account, $62,770.
11
Paid creditors on account, $890.
B. Post the entries prepared in (A) to the following T accounts:
Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned.
To the left of each amount posted in the accounts, select the
appropriate date.
continued labels at the top
this is an example of the set up
Cash 8/1 х 74,140.00...
OBJ. 2 EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is 596,000. Of these fees, $78,500 have been earned. In addition, $23,600 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees.
The balance in the unearned fees account, before adjustment at
the end of the year, is $95,500. Of these fees, $82,760 have been
earned. In addition, $32,640 of fees have been earned but have not
been billed.Journalize the December 31 adjusting entries (a) to adjust the
unearned fees account and (b) to record the accrued fees. Refer to
the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSGeneral LedgerASSETS11 Cash12 Accounts Receivable13 Supplies14 Prepaid Insurance15 Land16 Equipment17 Accumulated...
please answer all of these
thank you
1. Under cash accounting, a credit to fees earned is preceded by a debit to what account A. Cash B. Accounts Receivable C. Accounts Payable D. Wages Expense A credit to accounts receivable is balanced with a debit to what account A. Wages Expense B. Cash C. Accounts Payable D. Owner's Withdrawals 3. Under cash accounting, a debit to rent expense is balanced by a credit to what 2. account A. Revenue B....
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
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