Ask Question
1 November, 16:27

The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would involve:

a debit to a general revenue account

debits to the two revenue accounts

credits to the two revenue accounts

a credit to a general revenue account

+4
Answers (1)
  1. 1 November, 19:36
    0
    credits to the two revenue accounts

    Explanation:

    The journal entry above is focusing on "two revenue accounts" and these are "Fees Earned" and "Rent Revenue."

    Remember that "Fees Earned" is part of the revenue section in the Income Statement. It is the amount of money earned for services provided such as auditing fees or consulting fees.

    An increase in revenue is being credited when it comes to journal entries. So, this means that "credits to the two revenue accounts" have to be made.

    So, this explains the answer.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would involve: a ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers