Problem 1: The following accounts relate to Fly-By-Night Airlines. Prepare the 4 necessary closing entries.

Depreciation Expense $330

Fees Earned 23450

Fly-By-Night Drawing 6000

Insurance Expense 300

Miscellaneous Expense 450

Rent Expense 1600

Salary Expense 1620

Supplies Expense 850

Problem 2:

Indicate which of the following accounts of the ABC Co. should be closed (temporary or nominal accounts are closed)

Accounts Payable Fees Earned

Accumulated Depreciation-Equipment Land

Depreciation Expense-Equipment Supplies

Equipment Supplies Expense

ABC, Capital Wages Expense

ABC, Drawing Wages Payable

Remember: Balance Sheet accounts (real or permanent accounts) are not closed