From the list that follows, identify the accounts that should be closed to Income Summary at the end of the fiscal year a Accounts Payable b Accumulated Depreciation Equipment c Depreciation Expense Equipment d Equipment e Ellen Drake, Capital f Ellen Drake, Drawing g Fees Earned h Land i Supplies ...

c Depreciation Expense x Equipment ...

From the list that follows, identify the accounts that should be closed to Income Summary at the

Question:

From the list that follows, identify the accounts that should be closed to Income Summary at the end of the fiscal year:
a. Accumulated Depreciation-Equipment
c. Depreciation Expense-Equipment
d. Equipment
e. Ellen Drake, Capital
f. Ellen Drake, Drawing
g. Fees Earned
h. Land
i. Supplies
j. Supplies Expense
k. Wages Expense
l. Wages Payable
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...