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Ex 3-9 adjusting entries for unearned fees

WebEX 3-8 Adjusting entries for unearned fees Question: Amount of entry: $36,000 The balance in the unearned fees account, before adjustment at the end of the year, is $45,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is. $9,000. WebSelect the best explanation for the entry. Debit: Wages Expense 2,555 Credit Wages Payable 2,555. Record wages expense incurred and to be paid next month. An unearned revenue is a liability. True. Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet. False.

4.2: Discuss the Adjustment Process and ... - Business LibreTexts

WebNov 20, 2024 · EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is $96,000. ... Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees. Nov 18 2024 08:12 AM. 1 Approved Answer. Clarence M answered on … WebTranscribed Image Text: EX 3-9. Adjusting Entries for Unearned Fees Obj. 3 The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of … the villages oxford florida https://wackerlycpa.com

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WebExplain. EX 4-11 Adjusting entries for unearned and accrued fees OBJ. 2 The balance in the unearned fees account, before adiustment at the end of the year, is $112,000, Of these fees, $71,600 have been earned. In addition, $47,400 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees ... WebTranscribed Image Text: EX 3-9. Adjusting Entries for Unearned Fees Obj. 3 The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. … WebJun 30, 2024 · The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $14,910 of the services were provided. ... 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional … the villages ozark al

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Ex 3-9 adjusting entries for unearned fees

4.2: Discuss the Adjustment Process and ... - Business LibreTexts

WebThe balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the … WebThe only transactions that require end-of-period adjusting entries are those that affect the revenue or expenses of more than one accounting period. Adjusting entries then are needed to apportion the revenue or expense among the affected accounting periods. All adjusting entries affect both an income statement account and a balance sheet account.

Ex 3-9 adjusting entries for unearned fees

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WebThis problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Question: EX 3-9 Adjusting Entries for Unearned … WebThe balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600. General Journal Debit Credit. Unearned fees $ 14,400.

WebThe balance in the unearned fees account, before adjustment at the end of the year, is 272,500. Journalize the adjusting entry (include an explanation) required if the amount of unearned fees at the end of the year is 189,750. The balance in the unearned fees account, before adjustment at the end of the year, is 97,770. WebOct 2, 2024 · Before the adjusting entry, Accounts Receivable had a debit balance of $1,000 and Fees Earned had a credit balance of $3,600. These balances were the result of other transactions during the month. When the accrued revenue from the additional unfinished job is added, Accounts Receivable has a debit balance of $3,500 and Fees …

WebJournalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300. EX 3-10 Adjusting entry for accrued fees. At the end of the current year, $8,450 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. WebEX 3-8 Adjusting entries for unearned fees OBJ. 2 The balance in the unearned fees account, before adjustment at the end of the year, is $37,500. Journalize the adjusting …

WebThe balance in the unearned fees account, before adjustment at the end of the year, is $31,505.EX 3-9 - Adjusting Entries for Unearned Fees. Journalize the adjusting entry …

WebAdjusting Entries. 5.0 (1 review) Flashcards. Learn. ... Anytime it mentions unearned fees ex:Unearned fees on July 31 are $2,750. Dr:unearned fees Cr:fees earned to find this value subtract the number for unearned fees given in the unadjusted trial balance with the value given here. the villages painting servicesWebAt the end of the year after analyzing the unearned fees account, 40% of the unearned fees have been earned. This 40% can now be recorded as revenue. Total revenue recorded is $19,200 ($48,000 × 40%). For this entry, Unearned Fee Revenue decreases (debit) and Fee Revenue increases (credit) for $19,200, which is the 40% earned during the year. the villages palm beachthe villages palm springsWebJournalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300. EX 3-10 Adjusting entry for accrued fees. At the end of the current … the villages palmer courseWebChapter 3 Homework - Applications.xls - EX. 03 - 05 a Journalize the necessary adjusting entry at the end of the accounting period assuming that the. ... DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 ADJUSTING ENTRIES 2 Unearned Fees 22 24,955 3 Fees Earned 41 24,955 Fees earned ... the villages palm beach floridaWebEX 3-9. Adjusting Entries for Unearned Fees Obj. 3 The balance in the unearned fees account, before adjustment at the end of the year, is $18, 000. Journalize the adjusting … the villages painting companyWebAdjusting Journal entries are recorded to bring assets, liabilities, revenue and expense accounts to their proper balances to reflect transactions not yet recorded and ensure that the Revenue Recognition and Matching Principle are followed. The Adjustment Process TYPES OF ADJUSTING ENTRIES 1. DEFERRED-Prepaid Expenses*-Unearned Revenues … the villages panama city