Question

Identify which of the following accounts should be closed with a debit or a credit to Retained Earnings at the end of the fiscal year. If it is not closed to Retained Earnings , mark as N/A. 1. Utilities Payable 2. Utilities Expense 3. Supplies 4. Supplies Expense 5. Fees Earned 6. Unearned Fees 7. Accounts Receivable 8. Dividends 9. Retained Earnings 10. Accumulated Depreciation-Equipment 11. Depreciation Expense-Equipment 12. Equipment 13. Prepaid Insurance 14. Insurance Expense

Answer 1

Answer:

Please see below

Explanation:

1. Utilities payable N/A

2. Utilities expense ...N/A

3. Supplies ...N/A

4. Supplies expense .....N/A

5. Fees earned...N/A

6. Unearned fees...N/A

7. Accounts Receivable ....N/A

8. Dividends ........Dr to retained earnings

9. Retained earnings.....Cr to retained earnings

10. Accumulated depreciation - equipment... N/A

11. Depreciation expense- Equipment.....N/A

12. Equipment...N/A

13. Prepaid insurance.....N/A

14. Insurance expense.....N/A