Adjusting Entries
Selected Ledger Accounts Used by Cross Country Truck

question 97

Essay

Adjusting entries
Selected ledger accounts used by Cross Country Truck Rentals, Inc. 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.
$$\begin{array} { | l | l | l | l | l | l | } \hline 1 & \text { Cash } & 22 & \text { Notes Payable } & 41 & \text { Truck Rental Revenue } \\\hline 2 . & \text { Accounts Receivable } & 23 & \text { Dividends Payable } & 51 & \text { Advertising Expense } \\\hline 3 & \text { Office Supplies } & 24 & \text { Income Taxes Payable } & 52 & \text { Office Supplies Expense } \\\hline 4 & \text { Unexpired Insurance } & 25 & \text { Unearned Revenue } & 53 & \text { Rent Expense } \\\hline 5 & \text { Trucks } & 31 & \text { Capital Stock } & 54 & \text { Insurance Expense } \\\hline 6 & \text { Accumulated Depr. } & 32 & \text { Retained Earnings } & 55 & \text { Depreciation Expense: } \\\hline & \text { Expense Trucks } & 33 & \text { Dividends } & & \text { Trucks } \\\hline 21 & \text { Accounts Payable } & & & 56 & \text { Income Taxes Expense } \\\hline & & & & & \\\hline\end{array}$$

Understand how to compute the yearly interest earned on bonds.

Grasp when and why a company might call callable bonds.

Calculate the stock value conversion rate for convertible bonds.

Determine the concept of buying bonds at a premium or a discount.

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Definitions:

Optic Nerve

A nerve in the brain responsible for sending sight information from the retina to the brain.

Thalamus

A brain structure that acts as a relay station for information between the spinal cord and the cerebral cortex.

Human Brain

The central organ of the human nervous system, responsible for thought, memory, emotion, touch, motor skills, vision, breathing, temperature, hunger, and every process that regulates our body.

Blind Spot

An area in the visual field that lacks detection due to the absence of receptor cells on the spot where the optic nerve enters the retina.