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

question 72

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. Jason Hill, Drawing
9. Jason Hill, Capital
10. Accumulated Depreciation - Equipment
11. Depreciation Expense - Equipment
12. Equipment
13. Prepaid Insurance
14. Insurance Expense

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Definitions:

Coronary Risk

The likelihood or risk factors associated with the development of coronary heart disease, a condition characterized by reduced blood flow to the heart muscle.

Type A Personality

A personality style marked by a strong competitive orientation, impatience and urgency, and anger and hostility.

Transient Mental Stress

Refers to temporary states of emotional or psychological stress that come and go, not lasting permanently.

Subsequent Heart Attack

A heart attack that occurs after a person has already experienced one, indicating recurrent cardiovascular issues.