EX 4-14 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:


a. Accounts Payable
b. Accumulated Depreciation—Equipment
c. Depreciation Expense—Equipment
d. Equipment
e. Ernie Hale, Capital
f. Ernie Hale, Drawing
g. Fees Earned
h. Land
i. Supplies
j. Supplies Expense
k. Wages Expense
l. Wages Payable


Answer:
c. Depreciation Expense—Equipment

g. Fees Earned

j. Supplies Expense

k. Wages Expense

Note: Ernie Hale, Drawing is closed to Ernie Hale, Capital rather than to Income Summary.