Ex 3-9 adjusting entries for unearned fees

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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 … WebThe balance in the unearned fees account, before adjustment at the end of the year, is 272,500. Journalize the adjusting entry (include an explanation) required if the amount of unearned fees at the end of the year is 189,750. The balance in the unearned fees account, before adjustment at the end of the year, is 97,770.

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WebOct 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 × … karcher fayetteville ar

4.2: Discuss the Adjustment Process and Illustrate …

WebAnswer to Solved EX 3-16 Adjusting entries for unearned and accrued 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. WebOf 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. lawrence bird asia

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

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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 ... WebEX 3-8 Adjusting entries for unearned fees OBJ. 2 The balance in the unearned fees account, before adjustment at the end of the year, is $37,500. Journalize the adjusting … lawrence bishnoi abp newsWebThe 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. lawrence bishnoi and goldy brar

"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. " - Ex 3-9 adjusting entries for unearned fees

Ex 3-9 adjusting entries for unearned fees

2.4: Adjusting Entries—Deferrals - Business LibreTexts

WebAt 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 × 40%). For this entry, Unearned Fee Revenue decreases (debit) and Fee Revenue increases (credit) for $19,200, which is the 40% earned during the year. WebMay 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 …

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WebChapter 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 ... 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.

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. 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.

WebThis problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Question: EX 3-9 Adjusting Entries for Unearned … 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 …

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. …

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 the amount of ... Exercise EX 3–9. Exercise EX 3–10. Exercise EX 3–11. Exercise EX 3–12. Exercise EX 3–13. Exercise EX 3–14. Exercise EX 3–15. Exercise EX 3 ... karcher fc3 floor cleaner ukWeb3. Adjusting entries are needed at the end of an accounting period to bring the ledger up to date. 4. Adjusting entries bring the ledger up to date as a normal part of the accounting … lawrence bishnoi bodyWebOct 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. lawrence bishnoi fbWebAdjusting 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 … karcher fc3 owners manualWebThe 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. lawrence bishnoi bailWebd. 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. lawrence bishnoi bhindranwaleWebNov 20, 2024 · EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is $96,000. ... Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees. Nov 18 2024 08:12 AM. 1 Approved Answer. Clarence M answered on … lawrence bishnoi birthday