Journalize the adjusting entry to record the accrued fees
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Journalize the adjusting entry to record the accrued fees

EX 3-3 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.

B. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.


Hint
Accounts & FinanceTo journalize an entry, you must first determine which accounts are affected. When journalizing, the first step is to perform a transaction analysis to determine which accounts change and by how much. Transform the adjustments into debits and credits. Date, Reference Number, and Description should all be written down. ...
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