Question

Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. If it is not closed to Income Summary, match as n/a.

Utilities Payable

[ Choose ] credit debit n/a
Utilities Expense

[ Choose ] credit debit n/a
Supplies

[ Choose ] credit debit n/a
Supplies Expense

[ Choose ] credit debit n/a
Fees Earned

[ Choose ] credit debit n/a
Unearned Fees

[ Choose ] credit debit n/a
Accounts Receivable

[ Choose ] credit debit n/a
Dividends

[ Choose ] credit debit n/a
Retained Earnings

[ Choose ] credit debit n/a
Accumulated Depreciation - Equipment

[ Choose ] credit debit n/a

Depreciation Expense - Equipment

[ Choose ] credit debit n/a
Equipment

[ Choose ] credit debit n/a
Prepaid Insurance

[ Choose ] credit debit n/a
Insurance Expense

Answer 1

Utilities Payable Debit, Income summary Credit

Utilities Expense Credit, Income summary Debit

Supplies n/a

Supplies Expense Credit, Income Summary Debit

Fees Earned Debit, Income Summary Credit

Unearned fees Debit, Income Summary Credit

Accounts receivable Credit, Income Summary Debit

Dividends n/a

Retained Earnings Debit, Income Summary Credit

Accumulated Depreciation Debit, Income Summary Credit

Depreciation Expense Credit, Income Summary Credit

Equipment n/a

Prepaid Insurance Credit, Income summary Debit

Insurance Expense Credit, Income Summary Debit.

Step-by-step explanation:

To close the accounts company's expenses are credited and revenue is revenue or income is debited. The counter account will report the balance in the income summary. Income summary is a temporary account where all revenue and expense are accounted to identify net loss or gain during a certain period. All expenses and incomes of a company are transferred to income summary account at the end of accounting period.