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

question 12

Essay

Identify which of the following accounts should be closed with a debit or a credit to Retained Earnings at the end of the fiscal year. If it is not closed to Retained Earnings, 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

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Definitions:

Unemployed

Refers to individuals who are capable of working and are actively seeking employment but are unable to find a job.

Disabilities

Disabilities are physical or mental conditions that limit a person's movements, senses, or activities, significantly impacting their daily life and ability to perform certain tasks.

Unemployment

The condition of being without a job, typically measured by the unemployment rate, which is the percentage of the labor force that is jobless and seeking employment.

Stigma

A mark of disgrace associated with a particular circumstance, quality, or person, often leading to discrimination.