Chapter 6, Problem 6.27EX

To determine

Closing entries: This refers to the journal entries that are recorded at the end of an each accounting period. It closes all revenue accounts earned, and all expenses account incurred during the current accounting year to the income summary account.

The following accounts are to be closed at the end of the year:

• Revenue accounts
• Expense accounts
• Income Summary account
• Dividend account

To Identify: The accounts that should be closed at the end of the fiscal year.