On May 1,2014,Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed April 30,2015.The cash receipt was recorded as unearned fees.At December 31,2014,$500 of the fees had been earned.The adjusting entry on December 31,2014,should include a:
A) Debit to Unearned Fees for $500.
B) Credit to Unearned Fees for $500.
C) Credit to Earned Fees for $1,000.
D) Debit to Earned Fees for $1,000.
E) Debit to Earned Fees for $500.
Correct Answer:
Verified
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