Question: On December 31, Connelly Company had performed $5,000 of management services for clients that had not yet been billed. Prepare Connelly's adjusting entry to record these fees earned.
1. What account you debited and credited?
a. Accounts Payable and Fee Revenue for 5,000
b. Accounts Receivable and Cash for $5000
c. Accounts Receivable and Fee Revenue for 5,000
d. Accounts Payable and Cash for 5,000
2. Show the December 31 adjusting entry to record $750 of earned but unpaid salaries of employees at the end of the current accounting period.
What account you debited and credited?
a. Salaries expense and Cash for 750
b. Cash and Salaries Expense for 750
c. Salaries Expense and Revenues for 750
d. Salaries Expense and salaries Payable for 750