The journal entry to close the Fees Earned, $120, and Rent Revenue, $22, accounts during the year-end closing process would involve: a. debits to the two revenue accounts Ob. a debit to a general revenue account Oc. credits to the two revenue accounts Od. a credit to a general revenue account

The journal entry to close the Fees Earned, $120, and Rent Revenue, $22, accounts during the year-end closing process would involve: a. debits to the two revenue accounts Ob. a debit to a general revenue account Oc. credits to the two revenue accounts Od. 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

The journal entry to close the Fees Earned, $120, and Rent Revenue, $22, accounts during the year-end closing process would involve:
Oa. debits to the two revenue accounts
Ob. a debit to a general revenue account
C. credits to the two revenue accounts
d. a credit to a general revenue account
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