23. The following adjusting journal entry does not include an explanation. Select the best explanation for the entry. Unearned Revenue Fees Earned ???????? a. Record payment of fees earned. b. Record fees earned at the end of the month. C. Record fees that have not been earned at the end of the month. d. Record the payment of fees to be earned. 24. The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed a. historical cost b. contra asset c. book value d. market value b. $1,750 c. $4,150 d. $2,850 a. b. 25. The adjusting entry to record the depreciation of equipment for the fiscal period is a. debit Depreciation Expense; credit Equipment b. debit Depreciation Expense; credit Accumulated Depreciation c. debit Accumulated Depreciation; credit Depreciation Expense d. debit Equipment; credit Depreciation Expense 27. C. d. 26. 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 a. $650 3,800 Which of the following is a real account? accounts receivable 3,800 sales discount sales income summary account 28. There are four closing entries. The first one is to close is to close and the last one is to close a. revenues, expenses, income summary, dividends b. expenses, assets, income summary, capital stock c. retained earnings, dividends, income summary, assets d. dividends, income summary, expenses, revenues the second one is to close the third one