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

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.

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.