The balance in the unearned fees account, before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have been earned. In addition, $289,500 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

(a) Debit Unearned fees account  $775,000

    Credit Fees revenue account    $775,000

(b)  Debit Unbilled receivables   $289,500

     Credit Fees revenue account    $289,500

Explanation:

When fees are received in advance but yet to be earned, a debit is posted to cash account and a credit to unearned fees. When revenue is earned, credit revenue and debit unearned fees.

As such, given that before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have been earned. Adjusting entries required

Debit Unearned fees account  $775,000

Credit Fees revenue account    $775,000

Being entries to record revenue earned.

Also given that $289,500 of fees have been earned but not billed to clients, entries required are

Debit Unbilled receivables   $289,500

Credit Fees revenue account    $289,500

Being entries to accrue for revenue earned but yet to be billed.

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