Professional Fees Journal Entry
Professional fees is the amount of specialized works or tasks assigned to specialized or qualified persons such as Accountants, Lawyers, Doctors, etc., These persons having a qualified degree to perform their projects. Professional fees is an Expense for the company which hires such qualified persons for the business’s works and a Revenue for these professional persons as they provide services to the company. For the business which receives the services and makes payment to professionals, the journal entry may be as follows: Professional Fees Expense a/c XXX ...