Summer 2022 Assignment 5 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. Cash 22 Notes Payable 2 Accounts Receivable 23 Deridends Payable 51 3 Office Supplies 24 Income Taxes Pay 52 4 Unexpired Insurance 25 Untamed Revenue 53 3 Tracks 31 Capital Stock 54 6 Accumulated Depr 32 Retained Earnings 55 41 Truck Rental Revenue Advertising Expence Office Supplies Expense Rent Expense Insurance Expense Depreciation Expense Trucks 33 Dividende Tracks 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 Example: Paid rent on the building for the current period. 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 track 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 g) Depreciation on tracks is recorded. Adjusting entry is made to record liability to Daily News for advertising done this period, payment is due next month h) Adjusting entry is made to record truck rentals cared but not yet received or reconded D Some portion of the truck rentals previously received in advance has now been earned. j) Made an adjusting entry for office supplies used during this period Made an adjusting entry for the portion of the insurance premium khat 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. Closed the Income Summary account at the end of a profitable period. o) Closed the Dividends account at the end of the period. Debited Credited 53. Rent expense. Cash