Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. If it is not closed to Income Summary, mark as n/a.

1. Utilities Payable
2. Utilities Expense
3. Supplies
4. Supplies Expense
5. Fees Earned
6. Unearned Fees
7. Accounts Receivable
8. Dividends
9. Retained Earnings
10. Accumulated Depreciation—Equipment
11. Depreciation Expense—Equipment
12. Equipment
13. Prepaid Insurance
14. Insurance Expense

Question

Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year.  If it is not closed to Income Summary, mark as n/a.

1.  Utilities Payable
2.  Utilities Expense
3.  Supplies
4.  Supplies Expense
5.  Fees Earned
6.  Unearned Fees
7.  Accounts Receivable
8.  Dividends
9.  Retained Earnings
10.  Accumulated Depreciation—Equipment
11.  Depreciation Expense—Equipment
12.  Equipment
13. Prepaid Insurance
14. Insurance Expense

Quizplus · Accepted Answer

The Answer of Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year.  If it is not closed to Income Summary, mark as n/a.

1.  Utilities Payable
2.  Utilities Expense
3.  Supplies
4.  Supplies Expense
5.  Fees Earned
6.  Unearned Fees
7.  Accounts Receivable
8.  Dividends
9.  Retained Earnings
10.  Accumulated Depreciation—Equipment
11.  Depreciation Expense—Equipment
12.  Equipment
13. Prepaid Insurance
14. Insurance Expense

Identify Which of the Following Accounts Should Be Closed with a Debit