The balance in the unearned fees account, before adjustment at the end of the year, is $37,500

The balance in the unearned fees account, before adjustment at the end of the year, is $37,500. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $12,300.

Answer:


Unearned Fees 25,200  Fees Earned  25,200 Fees earned ($37,500 – $12,300).