Question

Which of the following describes the classification and normal balance of the fees earned account? a.asset, credit b.liability, credit c.revenue, credit d.owner's equity, debit

Answer 1

Answer:

c. revenue, credit

Explanation:

The fees earned represents the revenue of the company that is earned for a particular period plus it is shown in the credit side of the income statement

According to the golden rules of accounting, the nominal account says that all expenses and losses should be debited while all revenues and gains are credited.

So, the correct option is c.