Use the Numbers Corresponding to the Accounts Below to Indicate

question 89

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.

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Definitions:

Terminate

To bring an end to something, such as a contract, employment, or operation, either by mutual agreement, fulfillment of terms, or through unilateral action.

Notify

To formally or officially inform someone of something.

Emergency Powers

Special, temporary powers granted to governments to handle crises or emergencies, allowing deviations from normal procedures or laws.

Express Authority

The explicit power given by a party to someone, allowing them to act on the party's behalf, often found in legal and organizational contexts.