Adjustment for unearned fees: The balance in the unearned fees account, before adjustment at the...
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Accounting
Adjustment for unearned fees:
The balance in the unearned fees account, before adjustment at the end of the year, is $275,000. What is the adjustment if the amount or unearned fees at the end of the year is $165,000? Indicate each account affected, whether the account is increaesed or decreased, and the amount of the increase and decrease.
Accounts Affected Increased and Decreased On Balance Sheet:
Unearned fees account debited (decreased) $85,000 ($250,000 - $85,000 = $165,000)
Retained earnings account credited $85,000 (increased)
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