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Which account would be credited when closing the account for fees earned for the year? accounts receivable fees earned revenue unearned fee revenue income summary

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 9MC: Which account would be credited when closing the account for fees earned for the year? A. Accounts...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which account would be credited when closing the account for fees earned for the year?

accounts receivable

fees earned revenue

unearned fee revenue

income summary

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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