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:

Pig Breeding

The practice of selective mating of pigs to maintain or enhance desirable traits in a herd.

Political Power

The ability or authority to influence or control the actions and policies of a government or organization.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often at the expense of valuing other groups.

Culturally Adaptive

This term describes the capacity of individuals or groups to change and evolve their behaviors, practices, and beliefs to fit into varying cultural contexts.