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QUESTION
On May 1, 2004 Giltus Advertising Company received $1500 from Julie Bee for advertising services to be completed April 30, 2005.
On May 1, 2004 Giltus Advertising Company received $1500 from Julie Bee for advertising services to be completed April 30, 2005. The cash receipt was recorded as unearned fees and at December 21, 2004, $500 of the fees had been earned. The adjusting entry on December 31 Year 1 should include:A. a debit to Unearned Fees for $500B. a credit to unearned fees for $500C. a credit to Earned Fees for $1000D. a debit to earned fees for $1000E. a debit to earned fees for $500
