Which of the following accounts will be debited in the closing entry at the end of the year? a fees earned. b. unearned fees. c. depreciation expense. d. rent expense.

Let’s move on to learn about how to record closing those temporary accounts. Notice how only the balance in retained earnings has changed and it now matches what was reported…

Continue ReadingWhich of the following accounts will be debited in the closing entry at the end of the year? a fees earned. b. unearned fees. c. depreciation expense. d. rent expense.