Identify which of the following accounts should be closed with a debit or a credit at the end of the fiscal year.
Chapter 4: Homework 1. The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should flow to (A) the income statement, (B) the statement of owner’s equity, or (C) the balance sheet. (1) Salaries Payable (7) Felipe Ramos, Drawing (2) Fees … Read more