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3 years ago

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

Business

1 answer:

Nataly [62]3 years ago

6 0

Answer:

b. Dec. 31

Income Summary 925

Fees Earned 750

Rent Revenue 175

Explanation:

At the end of each accounting period, the elements of the income statements which are the revenues earned and the expenses incurred are usually closed to the income summary account.

The revenue earned which is normally a credit balance is closed by debiting the account and crediting the income summary. The expenses are closed by crediting the account and debiting the income summary.

Hence if Fees Earned, $750, and Rent Revenue, $175,

Total revenue = $750 + $175

= $925

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