Find and journalize adjusting entry to record accrued fees

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Reference no: EM132721648

Adjusting Entry for Accrued Fees, At the end of the current year, $11,850 of fees have been earned but have not been billed to clients.

Problem a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.

Problem b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

Reference no: EM132721648

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