On May 1, Sellers Marketing Company received $1,500 from Franco Marcelli for a marketing campaign effective from May 1 this year to April 30 of the following year. The Cash receipt was recorded as unearned fees and at year-end on December 31, $1,000 of the fees had been earned. The adjusting entry on December 31 would be: 1. A debit to Fees Earned and a credit to Cash for $1,000. 2. A debit to Fees Earned and a credit to Cash for $500. 3. A debit to Unearned Fees and a credit to Cash for $500. 4. A debit to Fees Earned and a credit to Unearned Fees for $500. 5. A debit to Unearned Fees and a credit to Fees Earned for $1,000.
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On May 1, Sellers Marketing Company received $1,500 from Franco Marcelli for a marketing campaign ef...
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