Adjustments and Closing Process-Basic Entries
Selected Ledger Accounts Used by Speedy

question 21

Essay

Adjustments and closing process-basic entries
Selected ledger accounts used by Speedy Truck Rentals Limited, 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.
$\begin{array}{llllll}1 & \text { Cash } & 22 & \text { Notes Payable } & 41 & \text { Truck Rental Revenue } \\2 & \text { Accounts Receivable } & 23 & \text { Dividends Payable } & 51 & \text { Advertising Expense } \\3 & \text { Office Supplies } & 24 & \text { Income Taxes Pay. } & 52 & \text { Office Supplies Expense } \\4 & \text { Unexpired Insurance } & 30 & \text { Unearned Revenue } & 53 & \text { Rent Expense } \\5 & \text { Trucks } & 31 & \text { Share capital } & 54 & \text { Insurance Expense } \\6 & \text { Accumlated Depr. } & 32 & \text { Retained Earnings } & 55 & \text { Depreciation Expense: } \\& \quad \text { Trucks } & 33 & \text { Dividends } & & \text { Trucks } \\21 & \text { Accounts Payable } & 35 & \text { Income Summary } & 56 & \text { Income Taxes Expense }\end{array}$

Learn how to enter transaction information using onscreen forms in QuickBooks.

Understand the concept of double-entry accounting and how it is implemented in QuickBooks transactions.

Recognize the different lists available in QuickBooks and their purpose, including Customer List, Vendor List, and Item List.

Familiarize with the QuickBooks Home Page layout and where to access various forms and transactions.

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Definitions:

Growth

Refers to the increase in size, value, or importance of an entity over time.

Sales

The trade of goods or services for financial compensation, which serves as the fundamental revenue generator for the majority of corporations.

Finished Goods Inventory

The stock of completed products ready for sale, representing one of the final stages in the production process.

Sales Forecast

An estimate of future sales, often based on historical data, current market trends, and forward-looking economic indicators, used for planning and decision-making purposes.