During the Current Year Ended December 31, Clients Paid Fees

question 119

Essay

During the current year ended December 31, clients paid fees in advance for accounting services amounting to $25,000. These fees were recorded in an account called Unearned Accounting Fees. If $3,500 of these fees remain unearned on December 31 of this year present the December 31 adjusting entry to bring the accounts up to date.

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Definitions:

Human Resource Planning

The process of forecasting and meeting the needs of a company in terms of recruiting, using, and developing its workforce.

Skilled Labor

Workers who possess specialized training, expertise, and experience in their fields or occupations.

Competencies Clusters

Groups of related abilities, commitments, knowledge, and skills that enable a person or an organization to act effectively in job or situation.

Human Resource Management

A strategic approach to the effective management of people in an organization, focusing on policies and systems to maximize employee performance.