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    ZoSo's Avatar
    ZoSo Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 22, 2008, 05:24 PM
    Unearned Fees
    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's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Dec 12, 2008, 06:32 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
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