Identify which of the following accounts should be closed with a debit (Dr) or a credit (Cr)
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Question:
Identify which of the following accounts should be closed with a debit (Dr) or a credit (Cr) to Income Summary at the end of the fiscal year. If it is not closed to Income Summary, mark as n/a
Utilities Payable
Utilities Expense
Supplies
Supplies Expense
Fees Earned
Unearned Fees
Accounts Receivable
Dividends
Capital Stock
Accumulated Depreciation - Equipment
Depreciation Expense - Equipment
Equipment
Prepaid Insurance
Insurance Expense
Retained Earnings
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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