Early in the accounting period, a customer paid $1,500 for services in advance of receiving them; Cash was increased and Unearned Service Fees was increased for $1,500. At the end of the accounting period, two-thirds of the services paid for had yet to be performed.
What necessary adjustment would be made at the end of the period?

Question

Quizplus · Accepted Answer

The Answer of Early in the accounting period, a customer paid $1,500 for services in advance of receiving them; Cash was increased and Unearned Service Fees was increased for $1,500. At the end of the accounting period, two-thirds of the services paid for had yet to be performed.
What necessary adjustment would be made at the end of the period?

Early in the Accounting Period, a Customer Paid $1,500 for Services