(d)Credit to Undistributed Management Fees for $60,000 .In the sample question, it is stated that management services offer their benefits to clients, and one customer pays an advance of $60,000 to the management program.
Therefore, the diary entry may be as follows in the event that the client obtained a progression:
$60k in cash and DR
To $60,000 in unpaid management fees
It is necessary to charge the account called and credit the obligations account for the amount received in advance.
What does management service do?
Any aspect or duty of an organization can be handled by management services. Its conventional functions are to decrease costs, increase productivity, and modernize processes. The provision of spaces that enable management being more efficient is an issue for business solutions that is growing.
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