Answer: B. Sales returns and allowances
Step-by-step explanation:
Accounts receivable is not closed out because people will still be owning at year end. Prepaid Insurance is an unrecognized payment for an expense in another period so it is not closed out either.
Land is a fixed asset so it is not closed and Accumulated depreciation will be left open to keep depreciating assets.
Only account that will be closed is the Sales returns and Allowances account as these are periodic entries and so should be closed out in the period.