During the Year Ended December 31,2015,clients Paid Fees in Advance

question 67

Essay

During the year ended December 31,2015,clients paid fees in advance for accounting services amounting to $45,000.These fees were recorded in an account called Unearned Accounting Fees.If $30,000 of these fees are still unearned on December 31,2015,what is the required December 31 adjusting entry?

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Definitions:

Physiological

Relates to the normal functioning of living organisms and their parts, including all physical and chemical processes.

Primary Drives

Basic, innate motivations that are necessary for survival, such as hunger, thirst, and avoidance of pain.

Homeostasis

The process by which living organisms regulate their internal environment to maintain a stable, constant condition in response to external changes.

Internal Environment

refers to the conditions, processes, and elements within an organization that influence its activities and choices.