PE 3-4A Adjustment for unearned revenue

The balance in the unearned fees account, before adjustment at the end of the year, is
$178,900. Journalize the adjusting entry required assuming the amount of unearned fees
at the end of the year is $18,650.

Answer:
Unearned Fees............................................................... 160,250
              Fees Earned.............................................................. 160,250
                    Fees earned ($178,900 – $18,650).