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Can anyone do question 1 and explain it? continues on second picture. Mid Term Etih 1) Adjustments-basic entries Selected ledger accounts used by Goldstone Advertising,
Can anyone do question 1 and explain it? continues on second picture.
Mid Term Etih 1) Adjustments-basic entries Selected ledger accounts used by Goldstone Advertising, Inc., are liste identifying numbers. Following this list of account numbers and titles in a series o transactions, you are required to indicate each transaction. d along with the proper accounts to be debited and credited for 22-AccountsPayable 23 Income Taxes Payabl 24 Unearned Fees 141 | Fees Earned e | 51 Sala nesExpense Cash 2. Accounts Receivable 3 Office Supplies 4 Unexpired Insurance 5 Office Equipment 6 Accumulated Depr 52 Office Supplies Expense 53 Rent Expense 54 Insurance Expense 55 Depreciation Expense: 56 Income Taxes Expense 30Capital Stock 31 Retained Eamings .--132-Dividends 35 Income Summary Ofice E 21 Dividends Payable Account(s) Account(s) Debited ransactions Example: Paid rent on building for the current period. Received an advance payment from a client for services to be rendered over mext six months. redited 53 a) b) Paid salaries of employees. c) Bought a three-year insurance policy and paid in full Performed services for a client; d) eived part of fee in cash, remainder Is o be collected in 30 days. e) Purchased office equipment; paid in ash, balance payable in 60 days urchased a large quantity of office upplies on credit. Declared a dividend to be paid in 45 days g) ) Made an adjusting entry for the portion of the insurance premium that had expired ade an adjusting entry to record depreciation for the period Made an adjusting entry for office supplies used during the period. Made an adjusting entry to recognize hat a portion of the fee received in ) )Step by Step Solution
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