Ask Experts Questions for FREE Help !
Ask
    aim123's Avatar
    aim123 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 29, 2010, 08:07 AM
    Adjusting entries for unearned and accrued fees
    The balance in unearned fees account,before adjusting at the end year, is $112790.of these fees,$69,735 have been earned.In addition $13200 of fees have been earned but not have been billed, journalize the adjusting entries
    a. to adjust the unearned fees account
    b. to record the accrued fees.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Sep 29, 2010, 10:04 AM

    a. Debit Unearned Fees for the amount earned
    Credit Earned Fees for the amount earned

    b. Debit Accounts Reveivable for the amount to be billed
    Credit Earned Fees for the amount to be billed
    aim123's Avatar
    aim123 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Sep 29, 2010, 10:24 AM
    Comment on pready's post
    Thank you
    markjrivera's Avatar
    markjrivera Posts: 9, Reputation: -1
    New Member
    		  
    #4

    Sep 30, 2010, 02:55 AM

    I think the correct entry on requirement (b) is:

    Debit.. Accrued fees receivable
    Credit.. Fees
    jtsui1's Avatar
    jtsui1 Posts: 6, Reputation: 1
    New Member
    		  
    #5

    Feb 8, 2012, 12:14 PM
    I don't really understand the answer. Can someone explain in more detail and what the numbers are?
    annachilay's Avatar
    annachilay Posts: 1, Reputation: 1
    New Member
    		  
    #6

    Jun 27, 2013, 08:55 AM
    In (a) you just have to subtract the fees earned from the unearned fees before any adjusting was made. The difference now becomes your unearned fees account in which unearned fees fall under debit and fees earned falls under credit.

    In (b) you just have to copy the amount that was given to you which is $13200.
    Accounts Receivable is Debit and Fees earned is Credit.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Unearned fees of 9000. 1600 services were provided what to put in adjusting journal [ 1 Answers ]

If the unearned fees is already 9000. The balance in unearned fees represented the February 1 receipt in advance for services to be provided. Only $1,600 of the services was provided between February 1 and February 28.

Unearned Fees to Earned Fees AJE [ 2 Answers ]

Unearned fees previously recorded of 1200. As of 12/31 fees have been earned--what is aje?

Adjusting entries for unearned revenue? [ 2 Answers ]

I have this hw question regarding unearned revenue. There's 2 transactions: Sept 1 Sold 1800 one year subscriptions for cash at 12 each. Sept 30 Sold 400 more one year subscriptions for cash at 12 each. These subscriptions begin on Oct 1. I'm supposed to adjust and recognized the revenue...

View more questions Search