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. Fauzi Hanna, Capital
f. Fauzi Hanna, 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: Fauzi Hanna, Drawing is closed to Fauzi Hanna, Capital rather than to
Income Summary.