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

question 76

Essay

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.
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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

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Definitions:

Palmar Reflex

An involuntary movement where babies close their fingers in a grasp when their palm is touched.

Withdrawal Reflex

An involuntary response to a painful stimulus, leading to the automatic withdrawal or movement away from the source of pain.

Perceptual Development

The gradual development of the ability to interpret and understand sensory information.

Nearsighted

A vision condition in which close objects are seen clearly, but objects farther away appear blurred.