The Entry To Close Management Fee Revenue Would Be Which Of The Following?
You May Also Be Interested In “ Closing Entry Process ” The correct answer of this multiple choice question is (c), as to close Management Fee Revenue, we debit it as it has normal credit balance, so to close management fee revenue account we debit it and close it by a debit in Retained Earnings Account. The entry to close management fee revenue account is shown below: Management Fee Revenue a/c XXX Retained Earnings a/c XXX (Management Fee Is Closed To Retained Earnings Account) When management fee revenue account is closed by transferring it to Retained Earn...