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    ANGie01's Avatar
    ANGie01 Posts: 1, Reputation: 1
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    #1

    Sep 30, 2009, 01:57 PM
    How to adjust an adjusted trial balance?
    I have trouble figuring out if this adjustment that says Professional Fees earned on August 31st but not recorded, $750. What I did was debit accounts receivable adjustments column and credited professional fees. I would like to know if this is correct or not?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Sep 30, 2009, 04:42 PM

    Professional Fees eaned means that you provided services to a customer, but did not bill the customer yet.

    Your journal entry will be:
    Debit Accounts Receivable for the amount
    Credit Professional Fees Earned for the amount.

    Adjusting entries are for one Balance sheet account and one Income Statement account
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