Adjustment for accrued revenues Instructions Chart of Accoun

Adjustment for accrued revenues

Instructions

Chart of Accounts

Journal

Instructions

At the end of the current year, $17,555 of fees have been earned but have not been billed to clients.

Journalize the December 31 adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.

Solution

Date Account titles and explanation Debit Credit December 31 Accounts Receivable $       17,555 Service Revenue $       17,555 (To record unbilled fees to clients)