29 Jun Question A business pays weekly salaries o
Question
A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is
Answer
debit Salaries Payable, $8,000; credit Cash, $8,000
debit Salary Expense, $8,000; credit Drawing, $8,000
debit Salary Expense, $8,000; credit Salaries Payable, $8,000
debit Drawing, $8,000; credit Cash, $8,000
2 points
Question 2
Accrued expenses are ordinarily reported on the balance sheet as
Answer
assets
liabilities
fixed assets
prepaid expenses
2 points
Question 3
Accrued revenues would appear on the balance sheet as
Answer
assets
liabilities
capital
prepaid expenses
2 points
Question 4
Adjusting entries affect at least one
Answer
income statement account and one balance sheet account
revenue and the drawing account
asset and one owner’s equity account
revenue and one capital account
2 points
Question 5
Adjusting entries are
Answer
the same as correcting entries
needed to bring accounts up to date and match revenue and expense
optional under generally accepted accounting principles
rarely needed in large companies
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