Indicate the best answer(s) for each question: Which of the following accounts is not closed to the Income Summary Account at the end of the accounting period? (Identify all of the correct answers). a Unearned Revenue b Dividends c Accumulated Depreciation d

Indicate the best answer(s) for each question: Which of the following accounts is not closed to the Income Summary Account at the end of the accounting period? (Identify all of the correct answers). a Unearned Revenue b Dividends c Accumulated Depreciation d

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 9MC: Which account would be credited when closing the account for fees earned for the year? A. Accounts...

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Indicate the best answer(s) for each question:

Which of the following accounts is not closed to the Income Summary Account at the end of the accounting period? (Identify all of the correct answers).

a Unearned Revenue

b Dividends

c Accumulated Depreciation

d Prepaid Insurance

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