Which of the Following Accounts Will Be Debited in the Closing

question 174

Multiple Choice

Which of the following accounts will be debited in the closing entry at the end of the year?

• A) Rent Expense
• B) Fees Earned
• C) Unearned Fees
• D) Depreciation Expense

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Definitions:

Initial Cash Outlay

The immediate amount of cash required to initiate a project, investment, or purchase.

Conventional

Based on or in accordance with what is generally done or believed.

Independent

Characterizes an entity or person free from outside control or influence, often highlighting autonomy in decision-making.