To close the Fees Earned account:
A)debit Income Summary;credit Fees Earned.
B)debit Fees Earned;credit Withdrawals.
C)debit Fees Earned;credit Income Summary.
D)debit Capital;credit Fees Earned.

Question

Quizplus · Accepted Answer

Closing the Fees Earned account involves transferring the balance to the Income Summary account, which is then closed to retained earnings or capital. Therefore, we need to debit Fees Earned and credit Income Summary.

To Close the Fees Earned Account