help. accounting homework question?

Question

Which of the following accounts will be closed to Capital at the end of the fiscal year? BE sure and look at the entry that closes to the capital account.

- Rent Expense
- Fees Earned
- Income Summary
- Depreciation Expense

Answer 1

The income summary is not an account in the General Ledger. The Rent, Fees Earned and Depreciation accounts will all be closed off to the income statement to arrive at net income which will ultimately flow through to Capital.

Answer 2

Depreciation Expense

Rent is a debit and a current expence
Income and Fees earned are classified under current (inflow of money)