Net Income (Loss)
The journal entry to close revenues and expenses would involve:
Oa. debits to the expense accounts and Retained Earnings and a credit to Fees Earned
Ob. debits to the expense accounts and credits to Retained Earnings and Fees Earned
Oc. a debit to Fees Earned and credits to the expense accounts and Retained Earnings
Od. debits to Fees Earned and Retained Earnings and credits to the expense accounts
4

Question

06-09-2022
Business

Answered

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Net Income (Loss)
The journal entry to close revenues and expenses would involve:
Oa. debits to the expense accounts and Retained Earnings and a credit to Fees Earned
Ob. debits to the expense accounts and credits to Retained Earnings and Fees Earned
Oc. a debit to Fees Earned and credits to the expense accounts and Retained Earnings
Od. debits to Fees Earned and Retained Earnings and credits to the expense accounts
4

Sagot :

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