Assume the receipt was recorded as unearned fees on 501x1, Ask an Expert

Accounting

On May 1, 20X1, Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed on April 30, 20X2. Assume the receipt was recorded as unearned fees on 5/01/x1 and that as of December 31, 20X1, $500 of the fees had been earned. What Journal entry is needed on 12-31-X1

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M967644

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