Financial Accounting | Finance homework help

1. Determine the account and amount to be debited and the account and amount to be credited for the following adjustment:

During December, the firm received $6,000 in fees in advance and properly recorded the amount as Unearned Fees. An analysis shows that $2,000 applies to services provided in December.

2. Identify the term being defined or described by the following statement: The branch of accounting that is concerned with the recording of transactions using generally accepted accounting principles for a business or other economic unit and with a periodic preparation of various statements from such records.

Which accounting concept can be used by some companies to justify the use of the direct write-off method of accounting for uncollectible accounts?

The entity concept.

The materiality concept.

The going concern concept.

The monetary principle.