Professional Fees Receivable Journal Entry
Professio nal fee is t he fees receiva b le b y professio nal services providers suc h as accou ntants, auditors, consultants, lawyers or attor neys doctors, etc. from his clie nts against t he services re ndered to t hem duri ng t he accou nting period. It is a current asset as it is receivab le b y professio n als from his clie nts wit hi n one year or less t ha n one year for t he services re ndered b ut still the payme nt is not received from clients. T he adjusti ng entry to record professional fees receivab le is show n b elow: Professio nal Fees Receivab les a/c XXX Professio nal Fees Received a/c XXX ...