Ultimate_Writer 3wk

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The balance in the unearned fees account, before adjustment at the end of the year, is $96,470. Of these fees, $84,165 have been earned. In addition, $36,205 of fees have been earned but have not been billed.

Journalize the December 31 adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
15	Land
16	Equipment
17	Accumulated Depreciation-Equipment
19	Accumulated Depreciation-Automobiles
	LIABILITIES
21	Accounts Payable
22	Unearned Fees
23	Salaries Payable
24	Taxes Payable

	EQUITY
31	John Doe, Capital
32	John Doe, Drawing

	REVENUE
41	Fees Earned
	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Rent Expense
54	Salary Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense