Fees earned is an account that represents the amount of revenue a company generated by providing services during an accounting period. Companies such as law firms and other service firms report fees earned on their income statement as a part of revenues.Click to see full answer. People also ask, is fees earned debit or credit?Fees Earned is a CREDIT balance account. Therefore, it increase with a CREDIT and decreases with a DEBIT. Notes Payable is a CREDIT balance account. License Fee Revenue is a CREDIT balance account.Furthermore, are fees earned asset or liabilities? Liabilities are amounts the business owes to creditors. Owner’s equity is the owner’s investment or net worth. Revenue consists of amounts earned by a business, such as fees earned for performing services, income from selling merchandise, rent income for the use of property, or inter- est earned for lending money. Subsequently, question is, what type of account is rental fees earned? revenue What type of account is sales?Sales account. A sales account contains the record of all sales transactions. This includes both cash and credit sales. The account total is then paired with the sales returns and allowances account to derive the net sales figure that is listed in the income statement.

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