EX 3-8 Adjusting entries for unearned fees

The balance in the unearned fees account, before adjustment at the end of the year, is $45,000. Journalize
the adjusting entry required if the amount of unearned fees at the end of the year is $9,000.

Answer:
Unearned Fees............................................................... 36,000
                 Fees Earned.............................................................. 36,000
                                  Fees earned ($45,000 – $9,000).