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

question 40

Essay

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

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Definitions:

National Income

The total value of all goods and services produced by a country's economy over a specific period, after accounting for depreciation.

GDP

Gross Domestic Product, a measure of the economic performance of a country, calculated as the total value of all final goods and services produced within a country's borders in a specific time period.

Economic Well-being

The state of individuals or groups having their basic financial and material needs met, along with access to opportunities for a better quality of life.

Self-sufficiency

The ability to fulfill all of one's needs without reliance on external resources, promoting independence and sustainability in living or economic practices.