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:

Transdermal

Relating to or denoting a method of administering medication through the skin, typically via a patch, for systemic distribution.

Administration

The process of managing or overseeing the operations of a business, organization, or institution.

Dermis

The dermis is the thick layer of living tissue below the epidermis that forms the true skin, containing blood capillaries, nerve endings, sweat glands, hair follicles, and other structures.

Integumentary

Pertaining to the body's skin, hair, nails, and exocrine glands, which provide protection and sensation.