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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 51
Identifying accounts to be closed
From the list that follows, 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. Common Stock
F. Dividends
G. Fees Earned
H. Land
I. Supplies
J. Supplies Expense
K. Wages Expense
L. Wages Payable
From the list that follows, 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. Common Stock
F. Dividends
G. Fees Earned
H. Land
I. Supplies
J. Supplies Expense
K. Wages Expense
L. Wages Payable
Explanation
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The accounts to be closed to Income Summ...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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