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Selected ledger accounts used by Goldstone Advertising, Inc., are listed along with identifying numbers. Following this list of account numbers and titles is a
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 Revenue 2 Accounts Receivable: 3 Office Supplies 24 Unearned Revenue 51 Salaries Expense 30 Capital Stock 52 Rent Expense 4 Unexpired Insurance 31 Retained Earnings 53 Insurance Expense 5 Office Equipment 32 Dividends 55 Depreciation Expense 6 Accumulated Depreciation 35 Income Summary Transactions Example: Paid rent on the building for the current period a) Received an advance payment for services to be rendered over the next six months b) Purchased office supplies on account c) Bought a 3-year insurance policy and paid in full d) Provided service to a client, received partial payment, with remaining balance to be collected in 30 days Account(s) Account(s) Debited Credited
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