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

question 68

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.

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

Understand the impact of location decisions on manufacturing with respect to raw materials, market proximity, and logistics.

Recognize the role of technology in manufacturing, including robotics and computer-aided design/manufacturing systems.

Understand the importance of standardization in manufacturing and its impact on efficiency and product quality.

Acknowledge environmental considerations in manufacturing, including the necessity for environmental impact assessments.

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Definitions:

Photosynthesis

The method through which certain green plants and other entities utilize sunlight to create nutrients from carbon dioxide and water, with oxygen being emitted as an incidental product.

Gas Exchange

The biological process through which different gases (like oxygen and carbon dioxide) are transferred in opposite directions across an organism's respiratory surfaces.

Nutrient Absorption

The process by which substances such as vitamins, minerals, and other nutrients are taken up into the body, usually within the intestines.

Food Storage

The practice of keeping and preserving food substances in a safe and usable condition for future consumption.