Response to the following problem:
The balance in the unearned fees account, before adjustment at the end of the year, is $240,000. Of these fees, $115,000 have been earned. In addition, $66,000 of fees have been earned but not billed to clients. What are the adjustments
(a) to adjust the unearned fees account and
(b) to record the accrued fees?
Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.