1.

A companys weekly payroll of $750 is paid on Fridays. Assume that the last day of the month falls on Wednesday. Which of the following is the required adjusting entry?

Select one:

a.

Debit Salaries Expense $300 and credit Salaries Payable $300

b.

Debit Salaries Expense $450 and credit Salaries Payable $450

c.

Debit Unpaid Salaries $750 and credit Salaries Payable $750

d.

Debit Salaries Payable $450 and credit Salaries Expense $450

e.

Debit Salaries Payable $750 and credit Salaries Expense $750

2.

The Hooper River Company makes three adjusting entries:

• Depreciation $ 75
• Accrued Revenue $ 40
• Accrued Expense $ 100

Indicate the net effect of these three entries on these items:

Select one:

a.

b.

c.

d.

e.

3. Which accounts are closed with credits at the end of each period?

a.

b.

c.

d.

e.