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Ask Manal Elkhoshkhany Your Own Question
Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
Satisfied Customers: 9885
Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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I have. Fees Income will not normally have a zero balance

Customer Question

Hi, Yes I have
JA: The Tutor can help you get an A on your homework or ace your next test. Tell us more about what you need help with so we can help you best.
Customer: Fees Income will not normally have a zero balance after the closing entries have been posted. Am I right
JA: Is there anything else important you think the Tutor should know?
Customer: No, Just this one
Submitted: 12 months ago.
Category: Multiple Problems
Expert:  Manal Elkhoshkhany replied 12 months ago.

Hello,

No, Fees Income is a temporary account which means it gets closed at the end of the accounting period (i.e. have a zero balance at the end of the accounting period).

Does that explain it?