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    x3kimberlyy's Avatar
    x3kimberlyy Posts: 1, Reputation: 1
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    #1

    Nov 11, 2010, 12:16 PM
    Adjusting unearned fees
    Unearned fees on May 31st are 1300.00. The balance on the unearned fees account is 1550.00. On the adjusted trial balance I need unearned fees to equal 1300.00, but I keep getting the wrong answer. I really need help!
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Nov 11, 2010, 12:35 PM

    You need to do an adjusting entry to bring your Unearned Fees account balance to the actual Unearned Fees balance as the difference is earned fees.
    Your adjusting entry will be:
    Debit Unearned Fees for 250
    Credit Earned Fees for 250
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