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

question 141

Essay

Identify which of the following accounts should be closed with a debit or a credit at the end of the fiscal year. If it is not closed, 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. Jason Hill, Drawing
9. Jason Hill, Capital
10. Accumulated Depreciation-Equipment
11. Depreciation Expense-Equipment
12. Equipment
13. Prepaid Insurance
14. Insurance Expense

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Definitions:

Energy Store

The capacity of a system to contain energy for later use, often in the form of chemical bonds, mechanical position, or heat.

Animals

Multicellular, eukaryotic organisms of the kingdom Animalia that consume organic material, breathe oxygen, can move, reproduce sexually, and grow from a hollow sphere of cells, the blastula, during early embryonic development.

Cholesterol

A type of lipid that is an essential structural component of animal cell membranes and can be either dietary or synthesized by the liver.

Molecule(s)

The smallest unit of a chemical compound that can exist; consists of two or more atoms bonded together.