Multiple Choice
[The following information applies to the questions displayed below.]
Shown below is a trial balance for Novelty Toys,Inc. ,on December 31,after adjusting entries:
![[The following information applies to the questions displayed below.] Shown below is a trial balance for Novelty Toys,Inc. ,on December 31,after adjusting entries: -The entry to close the Fees Earned account will: A) Produce a zero balance in that account when posted. B) Include a debit to Income Summary. C) Include a credit to Fees Earned. D) Include a debit to Capital Stock.](https://d2lvgg3v3hfg70.cloudfront.net/TB1009/11eaae1a_a368_100c_b09f_c9cb5a5a3f40_TB1009_00_TB1009_00.jpg)
-The entry to close the Fees Earned account will:
A) Produce a zero balance in that account when posted.
B) Include a debit to Income Summary.
C) Include a credit to Fees Earned.
D) Include a debit to Capital Stock.
Correct Answer:
Verified
Correct Answer:
Verified
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