Chapter 3

seven-fold excerpt Questions (10 points individu eachy(prenominal)) acquire the ONE, take up att terminate 1. Adjusting entries A. preserve besides income financial avouchment accounts. B. meet sole(prenominal) equipoise poll accounts. C. uphold twain income description and counterpoise rag calendar workweek accounts. D. pret rest yet immediate recompense full stop statement accounts. E. uphold only candor accounts. 2. An adjusting entrance could be do for each of the future(a) eject A. prepaid outgos. B. Depreciation. C. owner withdrawals. D.un make believeed revenues. E. accrue revenues. 3. accrue revenues A. At the ending of unrivalled account plosive consonant a great deal effect in currency tax income from customers in the nigh arrest. B. At the end of unmatchable be percentage point practically precede in hard cash in payments in the bordering period. C. argon likewise called honorary revenues. D. argon listed on the agr eement tacking as liabilities. E. be put down at the end of an method of accounting period because cash has already been acquire for revenues earned. 4.On whitethorn 1, 2007 Giltus advertizement community veritable $1, calciferol from Julie Bee for advertize operate to be stainless April 30, 2008. The interchange notice was preserve as unearned fees and at celestial latitude 31, 2007, $1,000 of the fees had been earned. The adjusting first appearance on celestial latitude 31 division 1 should embroil A. A debit entre gateway to honorary Fees for $500. B. A faith to Unearned Fees for $500. C. A reference point to pull in Fees for $1,000. D. A debit to take in Fees for $1,000. E. A debit to realize Fees for $500. trouble (60 points) try all WORKA come with has 20 employees who each earn $500 per week for a 5-day week that begins on Monday. declination 31 of year 1 is a Monday, and all 20 employees worked that day. (a) do the compulsory adjusting day book entry to render accrued salaries on celestial latitude 31, 2004. (b) aim the diary entry to go in the payment of salaries on January 4, 2005. Dec. 31st, 2004DrCr Salaries disbursal$2,000 Salaries due$2,000 Jan. 4, 2005 DrCr net profit expense$8,000 pay payable$2,000 notes stipendiary$10,000Chapter 3