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2 years ago

At the end of the current year, $12,040 of fees have been earned but have not been billed to clients.

Business

1 answer:

PSYCHO15rus [73]2 years ago

4 0

Answer:

Date Account Title Debit Credit

XX-XX-XXX Accounts Receivable $12,040

Fees earned $12,040

b. No it would not have been.

If using the cash basis, the revenue would only be recognized when the cash is paid to the company. As the cash has not been paid, there would be no need to adjust for the revenue in the present period.

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