Answered: Select one of the following accounts to…

Select one of the following accounts to complete the above journal entry. O a. Fees Earned O b. Accounts Receivable O c. Accounts Payable O d. Unearned Fees

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Description
Date
May 7
Cash
???
Received fees from customers for services performed.
Select one of the following accounts to complete the above journal entry.
O a. Fees Earned
O b. Accounts Receivable
O c. Accounts Payable
O d. Unearned Fees
Debit Credit
6,700
6,700

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