Identify Which of the Following Accounts Should Be Closed to Income

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