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Adjustments and Closing Process--Basic Entries
Selected Ledger Accounts Used by Goldstone

Question 56

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Adjustments and closing process--basic entries
Selected ledger accounts used by Goldstone Advertising, Inc., are listed along with identifying numbers. Following this list of account numbers and titles is a series of transactions. For each transaction, you are to indicate the proper accounts to be debited and credited.
1 Cash 22 Accounts Payable 41 Fees Earned 2. Accounts Receivable 23 Income Taxes Payable 51 Salaries Expense 3 Office Supplies 24 Unearned Fees 52 Office Supplies Expense 4 Unexpired Insurance 30 Capital Stock 53 Rent Expense 5 Office Equipment 31 Retained Earnings 54 Insurance Expense 6 Accumulated Depr. 32 Dividends 55 Depreciation Expense:  Office Equip 35 Income Summary  Office Equip. 21 Dividends Payable 56 Income Taxes Expense \begin{array} { | l | l | l | l | l | l | } \hline 1 & \text { Cash } & 22 & \text { Accounts Payable } & 41 & \text { Fees Earned } \\\hline 2 . & \text { Accounts Receivable } & 23 & \text { Income Taxes Payable } & 51 & \text { Salaries Expense } \\\hline 3 & \text { Office Supplies } & 24 & \text { Unearned Fees } & 52 & \text { Office Supplies Expense } \\\hline 4 & \text { Unexpired Insurance } & 30 & \text { Capital Stock } & 53 & \text { Rent Expense } \\\hline 5 & \text { Office Equipment } & 31 & \text { Retained Earnings } & 54 & \text { Insurance Expense } \\\hline 6 & \text { Accumulated Depr. } & 32 & \text { Dividends } & 55 & \text { Depreciation Expense: } \\\hline & \text { Office Equip } & 35 & \text { Income Summary } & & \text { Office Equip. } \\\hline 21 & \text { Dividends Payable } & & & 56 & \text { Income Taxes Expense } \\\hline & & & & & \\\hline\end{array} Adjustments and closing process--basic entries Selected ledger accounts used by Goldstone Advertising, Inc., are listed along with identifying numbers. Following this list of account numbers and titles is a series of transactions. For each transaction, you are to indicate the proper accounts to be debited and credited. \begin{array} { | l | l | l | l | l | l | } \hline 1 & \text { Cash } & 22 & \text { Accounts Payable } & 41 & \text { Fees Earned } \\ \hline 2 . & \text { Accounts Receivable } & 23 & \text { Income Taxes Payable } & 51 & \text { Salaries Expense } \\ \hline 3 & \text { Office Supplies } & 24 & \text { Unearned Fees } & 52 & \text { Office Supplies Expense } \\ \hline 4 & \text { Unexpired Insurance } & 30 & \text { Capital Stock } & 53 & \text { Rent Expense } \\ \hline 5 & \text { Office Equipment } & 31 & \text { Retained Earnings } & 54 & \text { Insurance Expense } \\ \hline 6 & \text { Accumulated Depr. } & 32 & \text { Dividends } & 55 & \text { Depreciation Expense: } \\ \hline & \text { Office Equip } & 35 & \text { Income Summary } & & \text { Office Equip. } \\ \hline 21 & \text { Dividends Payable } & & & 56 & \text { Income Taxes Expense } \\ \hline & & & & & \\ \hline \end{array}

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