The balance in the unearned fees account, before adjustment at the end of the year, is $78,500

The balance in the unearned fees account, before adjustment at the end of the year, is $78,500. Journalize the adjusting entry required, assuming the amount of unearned fees at the end of the year is $33,675.


Answer:

Unearned Fees 44,825
Fees Earned 44,825
Fees earned ($78,500 – $33,675).