Answers:
Unearned Fees14,400
Fees Earned14,400
Fees earned ($18,000 – $3,600).
EX 3-9 Adjusting entries for unearned fees
The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600.
Answers:
Unearned Fees14,400
Fees Earned14,400
Fees earned ($18,000 – $3,600).
Answers:
Unearned Fees14,400
Fees Earned14,400
Fees earned ($18,000 – $3,600).