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At the end of the current year, $17,555 of fees have been earned but have not been billed to clients.


At the end of the current year, $17,555 of fees have been earned but have not been billed to clients. 

Journalize the adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account is.


Prospect Realty Co. pays weekly salaries of $27,600 for a six-day workweek (Monday thru Saturday). 

Journalize the necessary adjusting entry assuming that the accounting period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles.

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Answer #1
Date Account titles and explanation Debit(in $) Credit(in $)
end of year Accrued Fees            17,555
Fees earned        17,555
end of week Salaries expenses($27,600*5/6)            23,000
Salaries payable($27,600*5/6)        23,000
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