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:

Domestic

Pertaining to or produced within a country's borders, often in contrast to foreign or international.

Import Quota

A government-imposed limit on the quantity or value of goods that can be imported into a country.

Consumer Surplus

The divergence between the total price consumers are willing and able to contribute towards a good or service and the total price they actually contribute.

Japanese Government

The national government of Japan, characterized by a constitutional monarchy and a parliamentary government.