Identify Which of the Following Accounts Should Be Closed to Income

question 107

Essay

Identify which of the following accounts should be closed to Income Summary at the end of the fiscal year. Record next to each account:
a (Y) for YES, it should be closed to Income Summary; OR
an (N) for NO, it would not be closed to Income Summary.
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

---

Definitions:

Organizational Culture

The collective ideals, convictions, and standards that shape the attitudes, emotions, and actions of workers inside a company.

Beliefs And Values

Core principles and standards that guide behavior and judgments in individuals or societies.

Mission

A mission refers to the fundamental purpose, objectives, or goals that guide an organization, project, or individual.

Strategy

Positions the organization in the competitive environment and implements actions to compete successfully.