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On May 1, 2004 Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed April 30,2005.

3. On May 1, 2004 Giltus Advertising Company received $1,500 from Julie Bee for advertising services to be completed April 30,2005.  The Cash receipt was recorded as unearned fees and at December 31,2004, $500 of the fees had been earned.  The adjusting entry on December 31 Year 1 should include:
A.  A debit to unearned fees for $500
B. A credit to unearned fees for $500
C. A credit to earned fees for $1,000
D. A debit to earned fees for $1,000
E. A debit to earned fees for $500.

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