Question 1 Selected ledger accounts used by Knights Equipment Rental, Inc., are listed along with identifying numbers. Following this list of account numbers and titles in a series of transactions, you are required to indicate the proper accounts to be debited and credited for each transaction. 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 Instructions: Fill the account titles to the debit and credit sides in the table. Transactions Debited Credited Example: Paid rent on the building for the current period. 53. Rent expense 1. Cash a) Trucks are purchased by making a 30% cash down payment and financing the rest for 5 years. b) Fee is received in advance, for rental of truck for a future period. c) Purchased a large quantity of office supplies on credit. d) Bought a three-year insurance policy and paid in full. e) Declared a dividend to be paid in 60 days. f) Depreciation on trucks is recorded. Adjusting entry is made to record liability to Daily News for g) advertising done this period; payment is due next month. h) Adjusting entry is made to record truck rentals earned but not yet received or recorded. i) Some portion of the truck rentals previously received in advance has now been earned. Made an adjusting entry for office supplies used during this j) period. Made an adjusting entry for the portion of the insurance k) premium that had expired. 1) Made an adjusting entry to accrue income taxes expense at the end of a profitable period. m) Closed the revenue account at the end of the period. n) Closed the Income Summary account at the end of a profitable period. o) Closed the Dividends account at the end of the period.