What is the journal entry for advisory fees?

Answer 1

To record advisory fees, the journal entry typically involves debiting an expense account and crediting a liability or cash account, depending on whether the fees are paid immediately or will be paid later. For example, if the advisory fees are paid in cash, the entry would be:

Debit: Advisory Fees Expense Credit: Cash

If the fees are to be paid later, the entry would be:

Debit: Advisory Fees Expense Credit: Accounts Payable