At the end of the current year, $47,700 of fees have been earned but not billed to
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a. What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
b. If the cash basis rather than the accrual basis had been used, would an adjustment have been necessary? Explain.
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a Accounts Receivable increase 47700 Fees Earned increase 47700 The adjustment will ...View the full answer
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