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The balance in the unearned fees account, before adjustment at the end of the year, is $14,900. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $6,940.

Answer :

Final answer:

The adjusting entry for the unearned fees is to debit the Unearned Fees account by $7,960 and credit the Revenue account by $7,960.

Explanation:

To journalize the adjusting entry for the unearned fees, we need to compare the balance in the unearned fees account before adjustment with the desired amount at the end of the year. In this case, the balance before adjustment is $14,900, and the desired amount is $6,940.

Since the balance in the unearned fees account needs to be reduced, we will debit the unearned fees account by the difference between the two amounts, which is $14,900 - $6,940 = $7,960. This will decrease the liability of unearned fees.

On the other side, we will credit the revenue account by the same amount, $7,960. This will recognize the revenue that corresponds to the services provided during the year.

The journal entry would be as follows:

Unearned Fees Account

  • Debit: $7,960

Revenue Account

  • Credit: $7,960

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