Question

Accounting help.

Answer 1

Undeadknight26

Answer 2

Use the @ sign next time :p

Answer 3

My bad lol. Its very busy in my house right now.

Answer 4

Tis fine tis fine!

Answer 5

Okay (: lol. This is one of the questions i need help with.

What entry did you make to close the Fees Earned account?
A. A debit entry of $2,917.97 to the Fees Earned account
B. A credit entry of $2,917.97 to the Fees Earned account
C. A credit entry of $2,917.97 to P. Woodsley, Capital
D. A debit entry of $2,917.97 to P. Woodsley, Capital

Answer 6

@sleepyhead314 @dan815 @Destinymasha @Data_LG2 @robtobey @iGreen

Answer 7

what sort of account is "Fees Earned"?

Answer 8

Not exactly sure, I'm terrible at accounting. So I've been asking people for help throughout the whole thing

Answer 9

"Fees earned is a revenue account"
http://www.accountingtools.com/fees-earned-definition

Answer 10

What is the Normal Balance of a Revenue account?

Answer 11

http://goo.gl/BsJaOD
Crediting is the Normal Balance of a Revenue account

Answer 12

to close account
you subtract money from it

subtracting is the opposite of the Normal side

Answer 13

so in this case Closing a Revenue account
would mean that you should Debit it!

therefore you should Debit the Fees Earned account

Answer 14

do you need two answers for this question? or are you good?

Answer 15

Omg thank you so much! i have like four more questions. could you help me with those

Answer 16

conceptual accounting hurts my head tbh

Answer 17

alright i'll keep asking around. thank you though (:

Answer 18

do try to read the explanation though
it would help in the future

Answer 19

I will.