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ZoSo
Nov 22, 2008, 04:24 PM
This is for the Adjusting Trial Balance
Unearned Fees on July 31 are $1,300
The two accounts for this are Fees Earned which has Credit of $13,300 already in it.
The other is Unearned Revenue and it has a Credit of $5,000 in it.
I am having trouble figuring out what to do. We didn't learn this in class.
Thank you in advance.
pready
Dec 12, 2008, 05:32 PM
You have to figure out the Unearned fees that were earned in the period. This is the difference of 5,000 and 1,300.

The adjusting entry is:

Debit Unearned Fees for the amount
Credit Fees Earned for the amount