To Close the Fees Earned Account

question 23

Multiple Choice

To close the Fees Earned account:

• A) debit Fees Earned; credit Capital.
• B) debit Fees Earned; credit Withdrawals.
• C) debit Fees Earned; credit Income Summary.
• D) debit Capital; credit Fees Earned.

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Definitions:

Non-Unionized Industries

Sectors of the economy where labor unions do not represent the workforce, often resulting in different labor standards and wages.

Minimum Wage

The lowest hourly, daily, or monthly remuneration that employers may legally pay to workers.

Structural Unemployment

Unemployment caused by changes in the industrial makeup of an economy or technological innovations that render certain job skills obsolete.

Equilibrium Wage

The pay rate where the amount of work offered matches the amount of work required.