16. The entry to close the appropriate in a debit Owner's Capital: credit Prepaid Insurance pate insurance account at the end of the accounting period b. debit Prepaid Insurance, credit Owner's Capital c. debit Insurance Expense; credit Owner's Capital d. debit Owner's Capital: credit Insurance Expense The jour 750 Bant Revenue of $175, during the The Journal entry to close Fees Earned year-end closing process would be a. Dec. 31 Fees Farned 750 Rent Revenue 175 Owner's Capital 17. b. Dec. 31 Owner's Capital Fees Earned Rent Revenue Dec. 31 Revenues Owner's Capital c. d. Dec. 31 Owner's Capital Revenues 925 18. 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 19. When purchases of merchandise are made on account with a perpetual inventory system the transaction is recorded with which entry? a. debit Accounts Payable; credit Merchandise Inventory b. debit Merchandise Inventory; credit Accounts Payable c. debit Merchandise Inventory, credit Cash Discounts d. debit Merchandise Inventory, credit Purchases