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What are the advantages of settlement over trial?
Unearned Fees
Income received for services that have not yet been performed, similar to unearned revenue but specifically related to service fees.
Fees Earned
Revenue recognized from providing services, as opposed to selling goods.
Adjusting Entry
An accounting record update that adjusts account balances at the conclusion of an accounting period.
Unearned Tuition
Income received by an educational institution for tuition that is yet to be earned by providing educational services.
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