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    qwanisha2005's Avatar
    qwanisha2005 Posts: 1, Reputation: 1
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    #1

    Sep 13, 2007, 09:06 AM
    Number 3
    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's Avatar
    CottonM Posts: 3, Reputation: 1
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    #2

    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.
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