Asked by Jasmine Hawkins on Jul 18, 2024
Verified
Fees Earned
A) Assets
B) Liabilities
C) Owner's Equity
D) Revenue
E) Expenses
Fees Earned
Revenue recognized by a company for services provided to clients, recorded as earned income on the income statement.
Account Group
A categorization of accounts in financial reporting, often organized by similarity or function within the general ledger.
Revenue
The total income generated by a company from its business activities, such as sales of goods or services, before any expenses are deducted.
- Recognize the differences between distinct account types and their normal balance aspects.
Verified Answer
BS
Breeanna SundbergJul 25, 2024
Final Answer :
D
Explanation :
Fees Earned is a revenue account, which falls under the Revenue account group.
Learning Objectives
- Recognize the differences between distinct account types and their normal balance aspects.