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

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Definitions:

Stakeholders

Individuals or groups that have an interest in any decision or activity of an organization, including clients, employees, investors, suppliers, and the community.

Leader Values

Core beliefs and principles that guide a leader's actions, decisions, and interactions with others.

Transformational Leadership

A leadership style where leaders encourage, inspire, and motivate employees to innovate and create change that will help grow and shape the future success of the company.

Moral Evaluation

The process of judging the rightness or wrongness of actions based on ethical principles and moral codes.