adjusting the entry for accrued fees at the end of the year

cning nd eBook Show Me How Calculator Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have nen necessary? Check My Work 3 more Check My work uses remaining 3 more Check My Work uses remaining All work saved. MacBook Air

Solution

a Accounts Receivable 59500          Fees earned 59500 b No, adjusting entry would not be required under cash basis