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

Question 168

Matching

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.

Premises:
Prepaid Insurance
Supplies Expense
Insurance Expense
Accounts Receivable
Depreciation Expense - Equipment
Jason Hill, Drawing
Equipment
Fees Earned
Supplies
Utilities Payable
Utilities Expense
Jason Hill, Capital
Accumulated Depreciation - Equipment
Unearned Fees
Responses:
credit
debit
n/a

Correct Answer:

Prepaid Insurance
Supplies Expense
Insurance Expense
Accounts Receivable
Depreciation Expense - Equipment
Jason Hill, Drawing
Equipment
Fees Earned
Supplies
Utilities Payable
Utilities Expense
Jason Hill, Capital
Accumulated Depreciation - Equipment
Unearned Fees
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