Final answer:
The account credited when closing the account for fees earned for the year is the Income Summary, which is a temporary account used to compile revenues and expenses before moving the net income or loss to retained earnings.
Step-by-step explanation:
When closing the account for fees earned for the year, the account that would be credited is Income Summary. The process of closing the books at the end of an accounting period involves transferring the balances of temporary accounts, such as revenue, expense, and dividends accounts, to the Income Summary account. Since fees earned is a revenue account, you would debit Fees Earned to reduce its balance to zero, and credit the Income Summary account to reflect this revenue in the company's income for the year. This process helps in the preparation of the income statement and gives a clear picture of the company's financial performance over the period.