Identify which of the following accounts should be closed with a debit or a credit to Retained Earnings at the end of the fiscal year. If it is not closed to Retained Earnings , mark as N/A.1. Utilities Payable2. Utilities ExpenseCredit3. Supplies4. Supplies ExpenseDebit5. Fees EarnedN/A6. Unearned Fees7. Accounts Receivable8. Dividends9. Retained Earnings10. Accumulated Depreciation-Equipment11. Depreciation Expense-Equipment12. Equipment13. Prepaid Insurance14. Insurance ExpensePreviousNext

All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Identify which of the following accounts should be closed with a debit or a credit to Retained Earnings at the end of the fiscal year. If it is not closed to Retained Earnings , mark as N/A. 1. Utilities Payable 2. Utilities Expense Credit 3. Supplies Debit 4. Supplies Expense 5. Fees Earned N/A 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

Identify which of the following accounts should be closed with a debit or a credit to Retained Earnings at the end of the fiscal year. If it is not closed to Retained Earnings , mark as N/A. 1. Utilities Payable 2. Utilities Expense Credit 3. Supplies Debit 4. Supplies Expense 5. Fees Earned N/A 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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PA: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

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