2024 Ex 3-9 adjusting entries for unearned fees

Ex 3-9 adjusting entries for unearned fees

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August undefined, 2024

WebAdjusting Entries. 5.0 (1 review) Flashcards. Learn. ... Anytime it mentions unearned fees ex:Unearned fees on July 31 are $2,750. Dr:unearned fees Cr:fees earned to find this value subtract the number for unearned fees given in the unadjusted trial balance with the value given here. WebTranscribed Image Text: EX 3-9. Adjusting Entries for Unearned Fees Obj. 3 The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. …

2.4: Adjusting Entries—Deferrals - Business LibreTexts

WebThe balance in the unearned fees account, before adjustment at the end of the year, is $31,505.EX 3-9 - Adjusting Entries for Unearned Fees. Journalize the adjusting entry … WebSelect the best explanation for the entry. Debit: Wages Expense 2,555 Credit Wages Payable 2,555. Record wages expense incurred and to be paid next month. An unearned revenue is a liability. True. Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet. False. cheap att mvno

Answered: Obj. 3 The balance in the unearned fees… bartleby

WebThe balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the … WebExplain. EX 4-11 Adjusting entries for unearned and accrued fees OBJ. 2 The balance in the unearned fees account, before adiustment at the end of the year, is $112,000, Of these fees, $71,600 have been earned. In addition, $47,400 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees ... WebQuestion. Obj. 3 EX 3-9 Adjusting entries for unearned fees The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the … cheap att cell phone plan

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WebThis will require an adjusting entry. The adjusting entry will include: (1) recognition of $6,000 income, i.e. 20% of $30,000, and (2) decrease in liability (unearned revenue) … WebThe balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600. General Journal Debit Credit. Unearned fees $ 14,400. cute easy candy drawingsWebChapter 3 Homework - Applications.xls - EX. 03 - 05 a Journalize the necessary adjusting entry at the end of the accounting period assuming that the. ... DESCRIPTION DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 ADJUSTING ENTRIES 2 Unearned Fees 22 24,955 3 Fees Earned 41 24,955 Fees earned ... cute easy christmas dessert ideas

"Webd. credit to Income Summary for $38,300. The balance in the supplies account before adjustment at the end of the year is $6,250. The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be. c. debit Supplies Expense, $4,750; credit Supplies, $4,750. " - Ex 3-9 adjusting entries for unearned fees

Ex 3-9 adjusting entries for unearned fees

WebAdjustment for Unearned Revenue. OBJ. 3 - Prepare adjusting entries for deferrals. EE 3-5 The balance in the unearned fees account, before adjustment at the end of the year, is $316,290. Journalize the adjusting entry (include an explanation) required if the amount of unearned fees at the end of the year is $220,240. WebThe balance in the unearned fees account, before adjustment at the end of the year, is 97,770. Of these fees, 39,750 have been earned. In addition, 24,650 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees.

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WebJournalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300. EX 3-10 Adjusting entry for accrued fees. At the end of the current year, $8,450 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. WebJaden Graves Mr. Turpin Feb. 15, 2024 ACC-120 Unearned Fees 14,400 Fees Earned $14,400 fees earned (18000 - 3600) EX 3-9 The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600.

WebJun 30, 2024 · The balance in unearned fees represented the June 1 receipt in advance for services to be provided. During June, $14,910 of the services were provided. ... 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional … WebJournalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300. EX 3-10 Adjusting entry for accrued fees. At the end of the current …

WebEX 3-9. Adjusting Entries for Unearned Fees Obj. 3 The balance in the unearned fees account, before adjustment at the end of the year, is $18, 000. Journalize the adjusting … WebOct 2, 2024 · The Unearned Fees amount on the balance sheet would have been too high ($1,000 instead of $400). ... 2.4.3 Adjusting Entries. There are two types of adjusting …

WebThe only transactions that require end-of-period adjusting entries are those that affect the revenue or expenses of more than one accounting period. Adjusting entries then are needed to apportion the revenue or expense among the affected accounting periods. All adjusting entries affect both an income statement account and a balance sheet account.

WebAdjusting entries for unearned fees The balance in the unearned fees account, before adjustment at the end of the year, is $45,000. Journalize the adjusting entry required if … cheap attic bathroom ideasWebOct 2, 2024 · The Unearned Fees amount on the balance sheet would have been too high ($1,000 instead of $400). ... 2.4.3 Adjusting Entries. There are two types of adjusting entries—deferrals and accruals. Deferrals may be either deferred expenses or deferred revenue. Accruals may be either accrued expenses or accrued revenue. cute easy crochet animal patternsWebMay 24, 2024 · EXERCISE 3–9 (LO2) Adjusting Entries. Turner Empire Co. employs 65 employees. The employees are paid every Monday for work done from the previous … cute easy buns for short hairWebOf these fees, $78,500 have been earned. In addition, $23,600 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees. The adjusting entry for accrued fees was omitted at July 31, the end of the current year. cheap attorney liability insuranceWebEX 3-8 Adjusting entries for unearned fees Question: Amount of entry: $36,000 The balance in the unearned fees account, before adjustment at the end of the year, is $45,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is. $9,000. cute easy christmas makeup ideasWebAdjusting Journal entries are recorded to bring assets, liabilities, revenue and expense accounts to their proper balances to reflect transactions not yet recorded and ensure that the Revenue Recognition and Matching Principle are followed. The Adjustment Process TYPES OF ADJUSTING ENTRIES 1. DEFERRED-Prepaid Expenses*-Unearned Revenues … cute easy christmas dessert recipesWebOct 2, 2024 · At the end of the year after analyzing the unearned fees account, 40% of the unearned fees have been earned. This 40% can now be recorded as revenue. Total revenue recorded is $19,200 ($48,000 × … cute easy christmas themed eye makeup