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  3. 6. the balance in the unearned fees account, befor

6. The balance in the unearned fees account, before adjustment at the end of the...

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Accounting

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6. The balance in the unearned fees account, before adjustment at the end of the year, is $272,500. Journalize the adjusting entry required, assuming the amount of unearned fees at the end of the year is $189,750 (10 pints) 7. Identify each of the following as (a) a current asset or (b) property, plant, and equipment: (10 points) 1. Accounts Receivable 4. Equipment 2. Building 5. Prepaid Insurance 3. Cash 6. Supplies 8. During the current year, merchandise is sold for $4,885,000. The cost of the merchandise sold is $3,028,700. (10 points) A: What is the amount of the gross profit? 9. During 2016, the accountant discovered that the physical inventory at the end of 2015 had been understated by 42,750. Instead of correcting the error, however, the accountant assumed that the error would balance out (correct itself) in 2016. Are there any flaws in the accountant's assumption? Explain (10 points)

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