Asked by Haktan Öztürkçü on Apr 26, 2024
Verified
Unearned Revenue 985
Fees Earned 985
A)Journal entries
B)Adjusting journal entries
C)Closing journal entries
Adjusting Journal Entries
Entries made in accounting records at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.
Unearned Revenue
Income received by a business for goods or services yet to be provided, recorded as a liability on the balance sheet.
Fees Earned
Revenue generated from services provided or work completed.
- Identify the differences between adjusting entries, closing entries, and journal entries.
Verified Answer
YS
Learning Objectives
- Identify the differences between adjusting entries, closing entries, and journal entries.