The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would involve:
A)debits to the two revenue accounts
B)credits to the two revenue accounts
C)a debit to a general revenue account
D)a credit to a general revenue account

Question

Quizplus · Accepted Answer

At the end of an accounting period, revenue accounts, which have credit balances, are closed by debiting the revenue accounts and crediting an income summary or retained earnings account to zero out the revenues for the new accounting period.

The Journal Entry to Close the Fees Earned, $750, and Rent