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Journalize the adjusting entry to record the accrued fees

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Reference no: EM132678649

Problem - At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.

a. Journalize the adjusting entry to record the accrued fees.

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

Reference no: EM132678649

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