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

---

Definitions:

Minimize Distortion

Efforts to reduce misinterpretation or alteration of information as it is communicated or transferred from one source to another.

Oral from Person

Communication or information transmitted directly through spoken word from one individual to another.

Written Medium

A form of communication that involves expressing ideas, data, or information through written symbols or texts.

Least Formal

A communication or interaction style that is casual and not bound by strict protocols or etiquette.