What is the correct debit and credit to record the adjusting entry for $800 of fees earned but not yet billed or paid?
A) debit Accounts Receivable and credit Fees Earned for $800
B) debit Fees Earned and credit Accounts Receivable for $800
C) debit Unearned Income and credit Fees Earned for $800
D) debit Fees Earned and credit Unearned Income for $800

Question

Quizplus · Accepted Answer

The correct entry to record fees earned but not yet billed or paid is to debit Accounts Receivable, increasing assets to reflect the amount owed by clients, and credit Fees Earned, increasing revenue to recognize the earnings that have occurred.

What Is the Correct Debit and Credit to Record the Adjusting