Textbook Problem

Identifying accounts to be closed

From the list that follows, identify the accounts that should be closed at the end of the fiscal year:

1. A. Accounts Payable
2. B. Accumulated Depreciation—Equipment
3. C. Depreciation Expense—Equipment
4. D. Equipment
5. E. Common Stock
6. F.  Dividends
7. G. Fees Earned
8. H. Land
9. I. Supplies
10. J.   Supplies Expense
11. K. Wages Expense
12. L. Wages Payable