11. Cash 12. Accounts Receivable 13. Allowance for Doubtful Accounts 23 Unearned

Question

11. Cash 12. Accounts Receivable 13. Allowance for Doubtful Accounts 23 Unearned Fees 14. Supplies 15. Prepaid Insurance 16. Merchandise Inventory 17. Equipment 18. Accumulated Depreciation-Equip41. Professional Fees Rev. 58. Misc. Expense 21. Accounts Payable 22. Salaries Payable 31. Capital Stock 32. Retained Earnings 33. Dividends 34. Income Summary 51. Cost of Goods Sold 52. Salary Expense 53. Supplies Expense 54. Insurance Expense 55. Rent Expense 56. Depreciation Exp-Equip 57. Uncollectible Account Ex 42. Sales Revenue 43. Sales Discount Adjusting Entries: Account(s) Debited Account(s) Credited Business Transaction: a. Made an adjusting entry for the portion of prepaid insurance that has expired. b. Made an adjusting entry for the portion of supplies that have been used. c. Made an adjusting entry for depreciation of the equipment. d. Made an adjusting entry for salaries accrued at year's end. e. Made an adjusting entry for the portion of Unearned Fees that have been earned at year's end. f. Made an adjusting entry to make provision for estimated Uncollectible accounts (use the allowance method). g. Made an adjusting entry to record an inventory shortage at year's end Closing Entries: a. Closed the Sales Discount account. b. Closed the Rent Expense account. c. Closed the Income Summary account at the end of a non-profitable year. d. Closed the Dividends account. THE END

Explanation / Answer

Adjusting Entries a Insurance Expense Prepaid insurance b Supplies Expense Supplies c Depreciation Exp- Equip Accumulated Depreciation - Equip d Salary Expense Salaries Payable e Unearned Fees Sales Revenue f Allowance for Doubtful Debts Accounts Receivable g Cost of Goods Sold Merchandise Inventory Closing Entries Accounts Debited Accounts Credited a Income Summary Sales Discount b Income Summary Rent Expense c Retained Earnings Income Summary d Retained Earnings Dividend

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