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

Question 58

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Adjustments and closing process-basic entries
Selected ledger accounts used by Speedy Truck Rentals, 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 Notes Payable 41 Truck Rental Revenue 2. Accounts Receivable 23 Dividends Payable 51 Advertising Expense 3 Office Supplies 24 Income Taxes Pay. 52 Office Supplies Expense 4 Unexpired Insurance 25 Unearned Revenue 53 Rent Expense 5 Trucks 31 Capital Stock 54 Insurance Expense 6 Accumulated Depr. 32 Retained Earnings 55 Depreciation Expense:  Trucks 33 Dividends  Trucks 21 Accounts Payable 35 Income Summary 56 Income Taxes Expense \begin{array} { | l | l | l | l | l | l | } \hline 1 & \text { Cash } & 22 & \text { Notes Payable } & 41 & \text { Truck Rental Revenue } \\\hline 2 . & \text { Accounts Receivable } & 23 & \text { Dividends Payable } & 51 & \text { Advertising Expense } \\\hline 3 & \text { Office Supplies } & 24 & \text { Income Taxes Pay. } & 52 & \text { Office Supplies Expense } \\\hline 4 & \text { Unexpired Insurance } & 25 & \text { Unearned Revenue } & 53 & \text { Rent Expense } \\\hline 5 & \text { Trucks } & 31 & \text { Capital Stock } & 54 & \text { Insurance Expense } \\\hline 6 & \text { Accumulated Depr. } & 32 & \text { Retained Earnings } & 55 & \text { Depreciation Expense: } \\\hline & \text { Trucks } & 33 & \text { Dividends } & & \text { Trucks } \\\hline 21 & \text { Accounts Payable } & 35 & \text { Income Summary } & 56 & \text { Income Taxes Expense } \\\hline & & & & & \\\hline\end{array} Adjustments and closing process-basic entries Selected ledger accounts used by Speedy Truck Rentals, 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 { Notes Payable } & 41 & \text { Truck Rental Revenue } \\ \hline 2 . & \text { Accounts Receivable } & 23 & \text { Dividends Payable } & 51 & \text { Advertising Expense } \\ \hline 3 & \text { Office Supplies } & 24 & \text { Income Taxes Pay. } & 52 & \text { Office Supplies Expense } \\ \hline 4 & \text { Unexpired Insurance } & 25 & \text { Unearned Revenue } & 53 & \text { Rent Expense } \\ \hline 5 & \text { Trucks } & 31 & \text { Capital Stock } & 54 & \text { Insurance Expense } \\ \hline 6 & \text { Accumulated Depr. } & 32 & \text { Retained Earnings } & 55 & \text { Depreciation Expense: } \\ \hline & \text { Trucks } & 33 & \text { Dividends } & & \text { Trucks } \\ \hline 21 & \text { Accounts Payable } & 35 & \text { Income Summary } & 56 & \text { Income Taxes Expense } \\ \hline & & & & & \\ \hline \end{array}

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