On may 1 2004 giltus advertising company received 1500 from, Ask an Expert

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On May 1, 2004 Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed April 30,2005. The Cash receipt was recorded as unearned fees and at December 31,2004, $500 of the fees had been earned. The adjusting entry on December 31 Year 1 should include:

A. A debit to unearned fees for $500

B. A credit to unearned fees for $500

C. A credit to earned fees for $1,000

D. A debit to earned fees for $1,000

E. A debit to earned fees for $500.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M994099

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