At the end of the current year, $17,950 of fees have been earned but have not been
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At the end of the current year, $17,950 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 b No If the cash basis of accounting is used revenues ...View the full answer
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Related Book For
Financial And Managerial Accounting
ISBN: 9780357714041
16th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William Tayler
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