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:

Lynchings

Extra-judicial killings, often carried out by a mob, motivated by prejudice or vigilante justice.

Black Victims

Individuals of African descent who suffer from crime, discrimination, or injustice within a societal context.

Union Density

The ratio of the number of union members to the total number of potential members within the labor force, indicating the strength and prevalence of labor unions.

Universal Citizenship

Recognizes the right of marginal groups to full citizenship and the rights of humanity as a whole.