1. Adjustment for Accrued Revenues
Example Exercise 3-5
Adjustment for Accrued Revenues
In this example exercise, we need to determine the amount of the adjusting journal entry for revenue earned but not yet received during the current accounting period.

2. Adjustment for Accrued Revenues
Example Exercise 3-5
Adjustment for Accrued Revenues
Accrued fees.
The journal entry, shown here, increases the asset, Accounts Receivable, and increases the revenue account, Fees Earned. 2

3. Assets = Liabilities + Owner’s Equity
Example Exercise 3-5
Adjustment for Accrued Revenues
Assets = Liabilities Owner’s Equity
The Fees Earned account has a credit balance of $13,680 [CLICK] which represents the fees earned during the period, but not yet received in cash and is a revenue of the current period.

4. Example Exercise 3-5  For Practice: PE 3-5A, PE 3-5B
Refer to Practice Exercise PE 3-5A and PE 3-5B for adjustments for accrued revenues.
 For Practice: PE 3-5A, PE 3-5B