During the year ended December 31, 2020, clients paid fees in advance for legal services amounting to $5,000. These fees were recorded in an account called Unearned Accounting Service Revenue. If $3,000 of these fees are still unearned on December 31, 2020, what is the required December 31 adjusting entry?

Question

During the year ended December 31, 2020, clients paid fees in advance for legal services amounting to $5,000. These fees were recorded in an account called Unearned Accounting Service Revenue. If $3,000 of these fees are still unearned on December 31, 2020, what is the required December 31 adjusting entry?
During the year ended December 31, 2020, clients paid fees in advance for legal services amounting to $5,000. These fees were recorded in an account called Unearned Accounting Service Revenue. If $3,000 of these fees are still unearned on December 31, 2020, what is the required December 31 adjusting entry?

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The Answer of During the year ended December 31, 2020, clients paid fees in advance for legal services amounting to $5,000. These fees were recorded in an account called Unearned Accounting Service Revenue. If $3,000 of these fees are still unearned on December 31, 2020, what is the required December 31 adjusting entry?

During the Year Ended December 31, 2020, Clients Paid Fees