Question

these are super short questions please answer all!!

Disney ESPN Yahoo! Apple Google Bing Google PeopleSoft Management Hea... GG Supre... Men's Whi... Nike.com.. Azize ilk B... Stadium ... Kuzey Gun... HBO Max CH 3 Hom... eBook Cengage Show Me How cen Calculator Adjusting Entry for Accrued Fees At the end of the current year, $8,490 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. Accounts Receivable 8,490 Unearned Fees 8,490 b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? No Check My Work b. Recall that under cash basis, the net income (or net loss) is the difference between the cash receipts (revenues) and the cash payments (expenses).

Answer 1

Answer-1-a- Dec.31 Accounts Receivable.............8,490 (debit)
Fees Earned.............................8,490 (credit)

(To record accrued fees)

b-No

2-

a
Salaries Expense	13,200		=22,000/5*3
Salaries Payable		13,200
b
Salaries Expense	17,600		=22,000/5*4
Salaries Payable		17,600

3-

The total supplies expenses would be=($1603-$753)=$3970

Hence journal entry would be:

Supplies expense a/c..Dr$850

To Supplies $850

4-

A)		Insurance expenses		$ 13,570.00
		Prepaid Insurance			$ 13,570.00
		(To record insurance expenses for the year)
(B)		Insurance expenses		$ 13,570.00
		Prepaid Insurance			$ 13,570.00
		(To record insurance expenses for the year)

Prepaid Insurance before Adjsutment= $17,860

Insurance expired during the year= -13,570

Unexpired insurance applicable to future periods= $4,290