Answer :
Fees Earned would be closed by posting a debit to the account
Are fees earned an asset or equity?
In the income statement's top revenue area, under the heading "Fees Earned," is an account for revenue. It includes the money from fees collected over a reporting period. Fees earned are a revenue account in accounting. It raises equity similarly to all revenue accounts.
The designation of the recorded fees as an equity account is unaffected by the normal growth of an asset account, such as cash or accounts receivable, that occurs when fees are recorded. Due to the fact that earned fees are income and all revenue accounts have credit balances, earned fees will always have a credit balance.
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