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What is the adjustment to record the accrued fees

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Reference no: EM132710730

Problem - Adjustment for accrued fees - At the end of the current year, $47,700 of fees have been earned but not billed to clients.

a. What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.

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

Reference no: EM132710730

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