Identifying accounts to be closed
From the list at the top of the next page, identify the accounts that should be closed to Income Summary at the end of the fiscal year:
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a. Accounts Payable |
g. Fees Earned |
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b. Accumulated Depreciation—Equipment |
h. Land |
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c. Capital Stock |
i. Supplies |
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d. Depreciation Expense—Equipment |
j. Supplies Expense |
|
e. Dividends |
k. Wages Expense |
|
f. Equipment |
l. Wages Payable |