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How journalize adjusting entry to record the accrued fees

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Adjusting Entry for Accrued Fees

At the end of the current year, $7,870 of fees have been earned but have not been billed to clients.

Question a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.

Accounts Receivable

Fees Earned

Question b.  If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

Reference no: EM132658457

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