Number 3

qwanisha2005 · #1 Sep 13, 2007, 09:06 AM

What do i need to adjust if the unearned fees at August 31 is $1500 and the unbilled fees at August 31 is 6,780

CottonM · Sep 13, 2007, 02:07 PM

For the unearned fees you need to debit income 1500 and credit a liability account (I would call it unearned income) 1500. When those fees become earned you should recognize the income at that time.

For the unbilled fees, as long as they are earned, credit income and debit accounts receivable.



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!