A List of the Accounts of Medford Corporation Is Given

question 87

Not Answered

A list of the accounts of Medford Corporation is given below,followed by some selected transactions.Indicate the accounts that should be debited and credited for each transaction closing entry by placing the appropriate account codes in the debit and credit columns provided. $\begin{array}{|c|l|c|l|}\hline \text { Code } & {\text { Account }} & \text { Cocount } \\\hline \text { A. } & \text { Cash } & \text { I. } & \text { Contributed capital } \\\hline \text { B. } & \text { Prepaid insurance } & \text { J. } & \text { Retained earnings } \\\hline \text { C. } & \text { Accounts receivable } & \text { K. } & \text { Rent revenues } \\\hline \text { D. } & \text { Service trucks } & \text { L. } & \text { Service revenues } \\\hline \text { E. } & \text { Accumulated depreciation } & \text { M. } & \text { Expenses } \\\hline \text { F. } & \text { Accounts payable } & \text { N. } & \text { Income tax payable } \\\hline \text { G. } & \text { Notes payable } & \text { O. } & \text { Income summary } \\\hline \text { H. } & \text { Unearned service revenue } & \text { P. } & \text { Rent payable } \\\hline\end{array}$

---

Definitions:

American College

An institution of higher education in the United States offering undergraduate and graduate degrees.

Sports Medicine

A branch of medicine focusing on physical fitness, treatment, and prevention of injuries related to sports and exercise.

Net Energy Loss

The difference between energy intake and energy expenditure, leading to a loss of energy.

Body Weight

The total mass of an individual, often used as an indicator of health and used in calculating body mass index (BMI).