At the end of the accounting period, the MLY, LLC's Legal Fees Earned account has a normal balance of $450,000. The accountant makes two adjustments--one to accrue unbilled legal fees earned of $15,000, and the other to reduce the Unearned Legal Fees liability account by $3,000.
After the adjustments are posted, the Legal Fees Earned account has a balance of:
A) $468,000
B) $489,000
C) $495,000
D) $465,000
Correct Answer:
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