During the Current Year Ended December 31, Clients Paid Fees

question 238

Essay

During the current year ended December 31, clients paid fees in advance for accounting services amounting to $15,000. These fees were recorded in an account called Unearned Accounting Fees. If $3,500 of these fees remains unearned on December 31 of this year, prepare the required December 31 adjusting entry to bring the accounts up to date.

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Definitions:

At Least One

implies the occurrence of one or more events in the context of probability.

Sports Fans

Individuals who exhibit enthusiasm, and often a deep loyalty, towards a particular sport or sports team.

College Students

Individuals enrolled in an institution of higher education to pursue a degree or course.

Insider Information

Privileged, non-public information held by company insiders or others that could provide an unfair advantage in securities trading.