At the end of the current year, $59,500 of fees have been earned but have not been

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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 been necessary? Explain.

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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