Question: I'm confused by this? Return to question 3 Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGraw Publishing, Inc.,

I'm confused by this?

Return to question 3 Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGraw Publishing, Inc., for which Feenix receives royalties equal to 12% of net sales. Royalties are payable annually on February 1 for sales the previous year. The editor indicated to Feenix on December 31, 2021, that book sales subject to royalties for the year just ended are expected to be 3.46 $220,000. Accordingly, Feenix accrued royalty revenue of $26,400 at December 31 and received royalties of $26,820 on February 1, points 2022. What adjustments, if any, should be made to retained earnings or to the 2021 financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) x Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 1 Cash X 420 X Retained earnings X 420 X Mc Graw Hill Annie. Weatherly...accdb w- template.docx A w Chapter 22 (1).docx Group Discussion.docx ~ 12 O L O 272OF Type here to search 10/1

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