Adjustments and Closing Process-Basic Entries
Selected Ledger Accounts Used by Speedy

Essay

Adjustments and closing process-basic entries
Selected ledger accounts used by Speedy Truck Rentals Limited, 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.
$\begin{array}{llllll}1 & \text { Cash } & 22 & \text { Notes Payable } & 41 & \text { Truck Rental Revenue } \\2 & \text { Accounts Receivable } & 23 & \text { Dividends Payable } & 51 & \text { Advertising Expense } \\3 & \text { Office Supplies } & 24 & \text { Income Taxes Pay. } & 52 & \text { Office Supplies Expense } \\4 & \text { Unexpired Insurance } & 30 & \text { Unearned Revenue } & 53 & \text { Rent Expense } \\5 & \text { Trucks } & 31 & \text { Share capital } & 54 & \text { Insurance Expense } \\6 & \text { Accumlated Depr. } & 32 & \text { Retained Earnings } & 55 & \text { Depreciation Expense: } \\& \quad \text { Trucks } & 33 & \text { Dividends } & & \text { Trucks } \\21 & \text { Accounts Payable } & 35 & \text { Income Summary } & 56 & \text { Income Taxes Expense }\end{array}$