On the first day of the year, ABC Company received $80,000 from a customer for two years

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On the first day of the year, ABC Company received $80,000 from a customer for two years of services. What is the adjusting entry is needed at year end?

Debit Unearned Fees for $40,000 and credit Fees Earned for $40,000.

Debit Fees Earned for $40,000 and credit Unearned Fees for $40,000.

Debit to Unearned Fees and a credit to cash.

Debit to cash and a credit to fees earned.

Related Book For answer-question

Elementary Statistics

ISBN: 978-0538733502

11th edition

Authors: Robert R. Johnson, Patricia J. Kuby

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Posted Date: Oct 25, 2020 04:18 PM

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On the first day of the year, ABC Company received $80,000 from a customer for two years

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option 1 is correct Debit fees unearned fees for 40000 and cre... View the full answer

Elementary Statistics

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