week_3_problem_3.docx
The balance in the unearned fees account, before adjustment at the end of the year, is $31,730. The year end is December 31.
Journalize the December 31 adjusting entry required if the amount of unearned fees at the end of the year is $14,960. Refer to the Chart of Accounts for exact wording of account titles.
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CHART OF ACCOUNTS
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General Ledger
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ASSETS
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11
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Cash
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12
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Accounts Receivable
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13
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Supplies
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14
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Prepaid Insurance
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15
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Land
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16
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Equipment
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17
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Accumulated Depreciation-Equipment
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19
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Accumulated Depreciation-Automobiles
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LIABILITIES
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21
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Accounts Payable
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22
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Unearned Fees
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23
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Salaries Payable
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24
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Taxes Payable
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EQUITY
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31
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John Doe, Capital
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32
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John Doe, Drawing
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REVENUE
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41
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Fees Earned
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EXPENSES
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51
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Advertising Expense
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52
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Insurance Expense
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53
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Rent Expense
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54
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Salary Expense
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55
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Supplies Expense
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56
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Utilities Expense
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57
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Depreciation Expense
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59
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Miscellaneous Expense
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Cclegg00
