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:

Adverse Event

An unwanted, harmful event associated with the use of a medical treatment or procedure.

Quality Improvement

A systematic, formal approach to the analysis of practice performance and efforts to improve it, often encompassing activities that lead to measurable improvement in services or outcomes.

Ongoing Improvement

The continuous effort to enhance products, services, or processes to improve quality and performance.

Traditional Quality Assurance

Conventional methods and procedures designed to ensure that products or services meet specific quality standards prior to their delivery.