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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Identifying accounts to be closed

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

j. Supplies Expense

k. Wages Expense

l. Wages Payable

To determine

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts. It is passed at the end of the accounting period, to transfer the final balance.

To Identify: The accounts to be closed.

Explanation
  • Closing entries helps to bring all the temporary accounts balance of revenues, expenses to permanent account.
  • Closing entries are prepared at the end of an...

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