Which of the following accounts is closed out at the end of the period rather than carried forward?

1. Only profit-or-loss accounts (revenues and expenses) are closed out. 2. Fees Earned is a revenue account, so it is closed, making A correct. 3. Prepaid Insurance is an asset and Unearned Fees is a liability, both balance sheet items that are not closed. 4. Accumulated Depreciation is a contra asset on the balance sheet and is not closed either. _Source: Jonick, Principles of Financial Accounting (CC BY-SA 4.0), §2.2.3 "Adjusting Entry Accounts", p.56_