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9 August, 06:31

What effect will this adjustment have on the accounting records?

Unearned Revenue 3,300

Fees earned 3,300

a. Increase net income

b. Increase revenues reported for the period

c. Decrease liabilities

d. All are true.

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Answers (1)
  1. 9 August, 06:59
    0
    a. Increase Net Income

    Explanation:

    Unearned Revenue

    The Accrual Principle requires Incomes and expenses to be recorded in the period they occur or incur.

    Revenue not earned has not yet occurred and can not be recognized hence no effect on revenues reported for the period.

    Fees earned

    Fees earned represents increases in economic benefits from non primary activities of the company.

    This has the overall effect of increasing Net income in the reporting period
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Home » Business » What effect will this adjustment have on the accounting records? Unearned Revenue 3,300 Fees earned 3,300 a. Increase net income b. Increase revenues reported for the period c. Decrease liabilities d. All are true.
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