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

question 134

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. Capital Stock
10. Accumulated Depreciation - Equipment
11. Depreciation Expense - Equipment
12. Equipment
13. Prepaid Insurance
14. Insurance Expense
15. Retained Earnings

Understand the difference between capital expenditures and revenue expenditures.

Calculate depreciable cost and depreciation expense using various methods, such as straight-line, double-declining balance, and units of activity.

Determine changes in depreciation expense accounting due to revisions in asset life expectancy and residual values.

Understand the concept of depreciation as a mechanism for asset cost allocation over its useful life.

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Definitions:

Gender-Related Behaviors

Behaviors that society or culture associates with a particular gender, often based on traditional or stereotypical roles.

Socializing Influence

The impact that social interactions and relationships have on shaping an individual’s behavior, attitudes, and values.

Modeling Processes

Psychological mechanisms whereby individuals learn behavior, attitudes, or skills by observing others, known as observational learning.