165. Identify which of the following accounts should be closed to Income Summary at the end of the fiscal year. Record next to each account:
a (Y) for YES, it should be closed to Income Summary; OR
an (N) for NO, it would not be closed to Income Summary.
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
166. Beachside Realty rents condominiums and furnishings. It’s adjusted trial balance at December 31, 2011, is as follows:
Debit BalancesCredit Balances
Cash1,500
Accounts Receivable2,000
Interest Receivable100
Prepaid Insurance1,600
Notes Receivable (long-term)2,800
Equipment15,000
Accumulated Depreciation1,500
Accounts Payable1,400
Accrued Expenses Payable2,920
Income Taxes Payable1,700
Unearned Rental Fees500
Capital Stock3,000
Retained Earnings5,200
Dividends2,000
Rental Fees Earned41,000
Furniture Rental Revenue1,200
Interest Revenue100
Wages Expense19,000
Depreciation Expense1,800
Utilities Expense320
Insurance Expense700
Maintenance Expense9,000
Income Tax Expense2,700
58,52058,520
Prepare the entry required to close the revenue accounts at the end of the period.