The revenue account Fees Income is closed by debiting
A) Cash and crediting Fees Income.
B) Fees Income and crediting Income Summary.
C) the owner's capital account and crediting Fees Income.
D) Income Summary and crediting Fees Income.
Correct Answer:
Verified
Q21: After the closing entries are posted to
Q22: One purpose of closing entries is to
A)
Q23: Which of the following accounts will not
Q24: The post-closing trial balance lists only the
Q25: Use the following account balances from the
Q27: Which of the following statements is not
Q30: The owner's drawing account is closed by
Q31: The _ entries reduce the balances of
Q65: The trial balance is prepared to make
Q80: After all the closing entries are posted
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents