Use the Numbers Corresponding to the Accounts Below to Indicate

question 82

Essay

Use the numbers corresponding to the accounts below to indicate the entries for the transactions below. You may debit or credit more than one account. Dollar amounts have been omitted. The first one (x-y) has been done for you.
1. Accounts Receivable
2. Owner's Capital
3. Withdrawals
4. Cash
5. Income Summary
6. Legal Fees Earned
7. Rent Expense
8. Salaries Expense
9. Salaries Payable
10. Unearned Legal Fees

x-y. To record cash invested by the owner
a-b. To record the reversal of the entry that adjusted for accrued legal fees
c-d. To close the Income Summary account when net income has been realized
e-f. To record the closing of expense account(s)
g-h. To record payment of salaries for which an adjusting entry was made a few days before. The appropriate reversing entry also was made.

---

Definitions:

Socio-emotional Selectivity Theory

A theory suggesting that as people age, they prioritize emotionally meaningful goals and relationships due to perceived limitations in time.

Disengagement Theory

A theory suggesting that aging involves a natural and inevitable mutual withdrawal or disengagement, resulting in decreased interaction between an aging person and others in the social system he belongs to.

Race Crossover

A phenomenon where the relative mortality rates of race or ethnic groups change positions over time or age.

Activity Theory

A psychological and sociological theory that suggests older adults are happier and more satisfied if they remain engaged in activities and maintain social interactions.