Answer:
Unearned Fees 25,200 Fees Earned 25,200 Fees earned ($37,500 – $12,300).
Ex 3-8 Adjusting entries for unearned fees
The balance in the unearned fees account, before adjustment at the end of the year, is $37,500. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300.
Answer:
Unearned Fees 25,200 Fees Earned 25,200 Fees earned ($37,500 – $12,300).
Answer:
Unearned Fees 25,200 Fees Earned 25,200 Fees earned ($37,500 – $12,300).