he journal entry to close Fees Earned, $138, and Rent Revenue, $25, during the year-end closing process would involve a. a debit to a general revenue account b. debits to the two revenue accounts c. credits to the two revenue accounts d. a credit to a general revenue account

he journal entry to close Fees Earned, $138, and Rent Revenue, $25, during the year-end closing process would involve a. a debit to a general revenue account b. debits to the two revenue accounts c. credits to the two revenue accounts d. a credit to a general revenue account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

he journal entry to close Fees Earned, $138, and Rent Revenue, $25, during the year-end closing process would involve

a. a debit to a general revenue account

b. debits to the two revenue accounts

c. credits to the two revenue accounts

d. a credit to a general revenue account

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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