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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a The adjusting entry to record the accrued fees would be Deb...View the full answer
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Related Book For
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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