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Journalize the adjusting entry to record the accrued fee

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Reference no: EM132706372

Adjusting Entry for Accrued Fees

At the end of the current year, $8,270 of fees have been earned but have not been billed to clients.

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

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

Reference no: EM132706372

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