Indicate whether a debit or credit is required to close each of the following accounts. Use the sym-bols D if a debit is required, C if a credit is required, and N if the account is not closed at the end of the period.a. Salary Expenseb. Unexpired Insurancec. Consulting Fees Earnedd. Depreciation Expensee. Dividendsf. Retained Earningsg. Interest Revenueh. Accumulated Depreciationi. Income Taxes Expensej. Unearned Revenuek. Income Summary (of a profitable company)l. Income Summary (of an unprofitable company)

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A:

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is