The following adjusting journal entry does not include an explanation. Select the best explanation for the entry. Record payment of fees earned. Record fees earned at the end of the month. Record fees that have not been earned at the end of the month. Record the payment of fees to be earned. The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed historical cost contra asset book value market value The adjusting entry to record the depreciation of equipment for the fiscal period is debit Depreciation Expense; credit Equipment debit Depreciation Expense; credit Accumulated Depreciation debit Accumulated Depreciation; credit Depreciation Expense debit Equipment; credit Depreciation Expense The supplies account has a balance of $ 1.200 at the beginning of the year and was debited during the year for $2,300, representing the total of supplies purchased during the year. If $650 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is $650 $1,750 $4,150 $2,850 Which of the following is a real account? accounts receivable sales discount sales income summary account There are four closing entries. The first one is to close___, the second one is to close___. the third one is to close___, and the last one is to close___. revenues, expenses, income summary, dividends expenses, assets, income summary, capital stock retained earnings, dividends, income summary, assets dividends, income summary, expenses, revenues